Arizona: Economic Impact of P/C Insurance Industry on State’s Economy Released

The Arizona Insurance Information Association, which NAMIC is a member, recently released a report on the positive economic impact the property/casualty insurance industry has on the state's economy.

Among the highlights listed in the report:

P/C Insurance Jobs in Arizona – More than 37,000 professionals (direct writer employees and agents, independent agents and brokers, and claims personnel residing in Arizona) (Source: Arizona Department of Insurance 2005 Annual Report)
P/C Insurers Employee/Agents Payroll – More than $482 million in payroll income flows into the state and local economies of Arizona (Source: American Insurance Association 2005 data)
P/C Premiums Written – $7.7 billion (Source: Arizona Department of Insurance 2005 Annual Report)
P/C Premium Tax Receipts to Arizona – $183.5 million goes to the general revenue fund (Source: Arizona Department of Insurance 2005 Annual Report)
P/C Investments in Arizona – $7.2 billion of P/C insurance assets were invested in Arizona municipal bonds in 2005 – approximately 24 percent of the outstanding state and local government debt (Source: American Insurance Association 2005 data)

"The economic impact and broad range of contributions made by the 880 property/casualty insurance companies writing in Arizona cannot be understated," said Christian J. Rataj, NAMIC state affairs manager. "The insurance industry is an integral and invaluable member of the state's economy, and legislators and regulators need to be continually reminded of the important role the insurance industry plays in protecting the assets of the citizens of the state and contributing funds to the state's budget."

Direct questions to NAMIC State Affairs Manager Christian J. Rataj.

Posted: Tuesday, April 10, 2007 12:00:00 AM. Modified: Tuesday, April 24, 2007 9:13:11 AM.

Salary Survey: Data by Size, Region, and More

(317) 875-5250 - Indianapolis | (202) 628-1558 - Washington, D.C.

Contact NAMIC | Press | Advertise | Sponsor

We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.