Posted on 24 Nov 2009
California has a $1.85 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the property/casualty insurance industry, according to a new report.
In 2007, insurers contributed $30.1 billion to California’s gross state product, accounting for about 2 percent of the state’s GDP.
The report, written by the Insurance Information Institute and available on the Insurance Information Network of California Web site, found that:
• Property and casualty insurers provide approximately 300,000 jobs in California, accounting for $21 billion in compensation.
• In 2008, property and casualty insurance claims payments totaled $32.8 billion in California.
• California collected $2.17 billion in premium taxes in 2008, nearly 15 percent of the national total.
• Nationally, the property/casualty insurance industry contributed $333 billion to the $14.2 trillion gross domestic product in 2007.
From auto insurance to homeowner insurance to business insurance, insurers provide millions of Californians with a blanket of security underwriting risks and contributing to the state’s economic engine.
The III is recognized as the national leader in information, analysis and referral concerning the insurance industry. IINC is non-profit and non-lobbying trade association dedicated to helping the public understand insurance and manage risk. For more information, please visit the IINC Web site. You can also follow IINC on Twitter at http://www.twitter.com/iinc and on Facebook at http://companies.to/iinc