Thursday, 28 October 2010 08:58

Ten percent of all insurance workers are in California


Autobody News recently reported on Dave Jones' run for CA insurance commissioner, saying that the CDI directly influences about 10% of the state's economy. That number is underscored by the number of insurance companies, about 1500, doing business in the state. It also estimated the number of insurance workers at 300,000. Now we can confirm that estimate.

About one-in-10 U.S. insurance professionals work in California, the most of any state, according to a new report.

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 a new Insurance Information Institute report.

Meanwhile, the property-casualty insurance sector contributed $30.1 billion to California’s gross state product in 2007, the report said.

The money contributed by the property-casualty sector is about 2% of the state’s $1.85 trillion economy, according to the Insurance Information Institute report.

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.