California - Insurers Boost State Economy by $30.1 Billion

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.

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