Triple-I Issues 2021's A Firm Foundation: How Insurance Supports the Economy

NEW YORK, Feb. 26 (TNSRes) -- The Insurance Information Institute issued the following news release on Feb. 25, 2021:

The Insurance Information Institute (Triple-I) today released its just-updated A Firm Foundation: How Insurance Supports the Economy.

The 2021 edition is now available online free of charge: https://www.iii.org/publications/a-firm-foundation-how-insurance-supports-the-economy/

"Following a record-breaking year of hurricanes, wildfires, and civil unrest, the pivotal role insurance plays in protecting and restoring the American economy through challenging times and events has become readily apparent," said Sean Kevelighan, CEO, Triple-I. "Our report highlights the extraordinary impact the insurance industry has from Main Street to Wall Street."

A Firm Foundation: How Insurance Supports the Economy contains charts and tables which highlight the vital roles played by insurers, whether it is helping communities recover financially from major catastrophes or investing in municipal bond markets. In addition, the report delivers a snapshot of the industry's economic impact in every U.S. state.

The U.S.'s property/casualty (P/C) insurers, a group consisting of auto, home, and business insurers, as well as life insurers, are major employers, investors, and taxpayers, according to the latest data included in A Firm Foundation. The numbers below exclude U.S. health insurers' economic contributions.

* U.S. P/C and life/annuity insurer employment--2.8 million jobs, a number which includes positions with carriers, agencies, brokers, and other insurance-related enterprises

* Financial Assets under management-- P/C insurer cash and invested assets were $1.9 trillion in 2019. Life/annuity insurer cash and invested assets totaled $4.3 trillion in that same year

* Gross Domestic Product (GDP) contributions--$629.7 billion in economic activity was generated by P/C and life/annuity insurers, accounting for nearly three percent of the U.S.'s GDP in 2019

* Premium taxes paid--$23.6 billion, a number equal to $72 for every U.S. citizen; these are state taxes collected in 2019 by insurers through the premiums paid by the state's residents and businesses

A Firm Foundation is updated continuously by the Triple-I as new information becomes available.