The home, auto, and business insurance industry is a pillar of the U.S. economy, in addition to providing financial security to families, individuals, businesses, and communities. Insurers are proud of the role they play in keeping the supply chain moving, not only during times of crisis but every day.
In the United States, the insurance industry also contributes more than $609 billion to the nation’s GDP.
Property casualty insurers provide:
JOBS to more than 461,000 employees across the country, with wages totaling more than $42 billion.
COMMUNITY INVESTMENTS by holding $298.6 billion in municipal bonds. This is a major source of capital for state and local governments in the United States and helps to fund the construction of schools, roads, health care facilities, and a variety of other public projects.
BUSINESS INVESTMENTS by providing more than $1 trillion to businesses to fund research, innovation, expansion, and other opportunities through their investments in corporate stocks and bonds. The total insurance industry has corporate stock and bond investments of more than $4.6 trillion.
CHARITABLE GIVING through substantial contributions to philanthropic causes. The insurance industry increased its charitable giving by an average of 15 percent since 2011 (outpacing 5 percent inflation) to a 2015 total of $575 million. The property casualty industry continues to direct almost two-thirds of its giving to three areas: health and social services, education, and community needs.
Property casualty insurers remain stable and prepared to pay all claims in current contracts. In the last five years., 2015-2019, insurers have paid:
$140 BILLION FOR CLAIMS IN MAJOR COMMERCIAL PROPERTY LINES.
$137 BILLION FOR WORKERS COMPENSATION CLAIMS.