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Insurers Boost The State Economy By $30.2 Billion

Report Outlines Economic Impacts of Insurance in the Golden State

California has a near $2 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.

Insurers contributed $30.2 billion to California’s 2011 gross state product, accounting for about 1.6 percent of the state’s GSP, according to the report, released today by the Insurance Information Network of California.

The report, written by the Insurance Information Institute for IINC, also found that:

California employs more insurance professionals than any other state. Property and casualty insurers provided 293,807 California jobs in 2012 — almost 10 percent of the nation’s
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