Insurers Grow California Economy By $27.3 Million

California has a $1.6 trillion economy that ranks it as a global financial power, thanks in part to a multi-billion dollar boost from the insurance industry, according to a new report.

In 2004, insurers contributed $27.3 billion to California’s gross state product and accounted for 300,000 jobs in the state.

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 2005, property and casualty insurance claims payments totaled $28.8 billion in California.
• California collected $2.2 billion in premium taxes in 2005, nearly 15 percent of the national total.
• Nationally, the insurance industry contributed $270 billion to the $11.7 trillion gross domestic product in 2004.

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.

To view a copy of this report, visit the IINC Web site at www.iinc.org.