According to a new Insurance Information Institute (I.I.I.) report, about one in 10 insurance professionals works in California, the most of any state.
Property/Casualty insurers provided 297,431 California jobs in 2008, or more than 10% of the nation’s insurance workforce. California insurance jobs accounted for $20.7 billion in compensation, according to the report.
Meanwhile, the Property/Casualty insurance sector contributed $30.1 billion to California’s gross state product in 2007, the report said.
The I.I.I. report also reveals that the money contributed by the Property/Casualty sector is about 2% of the state’s $1.85 trillion economy.
In 2009, property and casualty insurance claims payments totaled $28.7 billion in California, while life insurance claims and benefits payouts in California totaled almost $41.8 billion.
California collected $2.05 billion in premium taxes from insurers in 2009, nearly double that of the next leading state.
Californians insure substantially more cars – roughly 24 million in all – than drivers in any other state.