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Report: Property-Casualty Insurance Industry Is $38 Billion Part of New York State Economy
Study done for industry group New York First measures industry’s impact
(Syracuse, New York, Jan. 12, 2016) — The property-casualty (P&C) insurance industry has a $38 billion share of New York State’s economy. A report by New York First said the industry generated that much in economic activity in 2014. It also said that industry wages and salaries that year were more than $12 billion.
“The property-casualty insurance industry has a major impact on the New York State economy,” said New York First Co-Chair Todd Rockefeller. “This report shows how important the industry is to the state.” Rockefeller is chair of the board of the Independent Insurance Agents & Brokers of New York. He is also a partner with DeRosa, Rockefeller, Sohigian & Werdal, Inc. (DRSW) in Harrison, New York.
New York First Co-Chair Mark Berger added, “The property-casualty insurance industry pumps billions of dollars in wages and salaries into New York’s economy. This report also shows that the effect spills over into other sectors. The P&C industry is vital to the future of our state.” Berger is Northeast Region president for The Main Street America Group and NGM Insurance Co. in Syracuse.
Goss & Associates and The Goss Institute for Economic Research, based in Denver, prepared the report. Among its findings:
New York P&C firms support above-average wages. They supported average wages per job of $81,916 in 2014. The average for the state was $63,794. Between 2007 and 2014, P&C companies’ purchases of New York municipal bonds reduced the bonds’ interest rates by 0.47 percent. State taxpayers saved an average $152.3 million per year in interest costs. The total savings was $1.2 billion. Between 2015 and 2018, the P&C industry will produce $153.9 billion for the state economy. It will provide $51.4 billion in wages and salaries. The industry produced $2.3 billion in state and local taxes in 2014. It will produce another $5.4 billion between 2015 and 2018. The industry sustained 151,685 jobs in 2014. It will create an average 158,737 jobs between 2015 and 2018. Every 1,000 New York P&C jobs support 1,639 non-P&C jobs in the state.
New York First is a coalition of insurance companies licensed to do business in New York that support the independent agency system, working together to improve the insurance marketplace for consumers.Through industry research, legislative and regulatory advocacy on common issues, New York First advances issues to support the independent agency system and foster a robust insurance industry, which in turn leads to a better consumer marketplace. Find out more at www.newyorkfirst.squarespace.com |
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