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CALIFORNIA BUSINESS MINUTE
Impact of Insurance Industry
12-12-11
Hi, I am Tim Johnson and welcome to the California Business Minute.
Property and casualty insurance companies generally are good at math and now
they’ve added up what they say is their contribution to California’s economy
every year -- $34.7 billion.
In 2008, the most recent full year for which figures were available, insurers
contributed $34.7 billion to California’s Gross State Product, (GSP) accounting
for about 2 percent of the state’s GSP.
The report, written by the Insurance Information Institute and available on the
Insurance Information Network of California Web site, found that:
• California employs more insurance professionals than any other state. Property
and casualty insurers provided 287,270 California jobs in 2009, or almost 10
percent of the nation’s insurance workforce. California insurance jobs accounted
for about $20 billion in compensation
• In 2010, property and casualty insurance claims payments totaled $29.4 billion
in California, while life insurance claims and benefits payouts in California
totaled almost $38.9 billion
• California collected $2.2 billion in premium taxes from insurers in 2010, 64
percent higher than the next leading state
• Californians insure substantially more cars – roughly 24 million in all – than
drivers in any other state
I am Tim Johnson and this has been the California Business Minute.
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