The Life Insurance Industry in New York
Life Insurance Companies in New York
- There are 134 life insurers licensed to do business in New York State and 80 are domiciled in the state.
- The life insurance industry generates approximately 75,000 agent and employee jobs in the State of New York.
- The life insurance industry generates thousands of additional jobs by the goods and services it purchases or leases from other businesses in the state, such as law, accounting, actuarial and consulting firms, computers and business machines, furniture and equipment, printing and delivery services, office supplies, cleaning, maintenance, repair, security services and other needs.
Life Insurers’ Investments in New York’s Economy
- Life insurance companies invest approximately $462 billion of their assets in New York's economy.
- About $378 billion of this investment is in stocks and bonds that helped finance state and municipal infrastructure, utilities, public and private construction, generating thousands of jobs and innumerable services in New York.
- Life insurers provided $34 billion in mortgage loans on farm, residential and commercial properties and owned $1 billion in real property in New York.
New York Residents Covered
- New York residents owned 8 million individual life insurance policies, with coverage averaging $195,000 per policyholder.
- Individual life insurance coverage purchased in 2014 in New York totaled $127 billion.
- New York residents had $2.2 trillion in life insurance coverage.
- Group life insurance coverage amounts to $702 billion in New York.
- Annuity Benefits paid in the state in 2014 totaled $6 billion.
- 75 million American families depend on life insurance industry products to protect their financial and retirement security.
- The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobs supported by the industry.
- Almost 16 percent of Americans' long-term savings is in life insurance and annuities. These savings are key to the protection and guarantees these products provide.
- Life insurers pay out $1.6 billion to families and businesses every day.
- With $5.8 trillion - 90 percent of the industry's total assets - invested in the U.S. economy, life insurers are one of the largest sources of investment capital in the nation.
- -Life insurers are the largest single source of bond financing for American business, holding 20 percent of all U.S. corporate bonds.