A Firm Foundation: How Insurance Supports the Economy

The insurance industry is a major source of tax revenue on the state and federal level. In 2019 property/casualty (P/C) and life insurers' incurred federal and foreign taxes were about $18 billion dollars. P/C and life/annuity insurance companies also paid $24.7 billion in premium taxes in 2020, or $75 for every person living in the United States, according to the U.S. Department of Commerce.