According to Insurance Journal, California has just under a $2 trillion thanks in part to a multi-billion dollar boost from the property/casualty insurance industry.
The California insurance report, written by the Insurance Information Institute and available on the Insurance Information Network of California Web site, found that:
The California insurance 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 297,431 California jobs in 2008, or more than 10 percent of the nation's insurance workforce. California insurance jobs accounted for $20.7 billion in compensation. In the previous year's report of 2007 data, P/C insurers provided approximately 300,000 jobs in the state, accounting for $21.4 billion in compensation.
- 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. P/C claims payments totaled $30.7 in 2007.
- California collected $2.05 billion in premium taxes from insurers in 2009, nearly double that of the next leading state. In 2007, California collected $2.2 billion in premium taxes, nearly 15 percent of the national total.
- There are more Auto Insurance Policies in California than in any other part of the country.
