The Life Insurance Industry in New York
Life Insurance Companies in New York and their investment in the Economy
- 169 life insurers are licensed to do business in New York and 86 are domiciled in the state.
- The life insurance industry generates approximately 148,200 jobs in New York
- Life insurance companies invest approximately $501 billion in New York's economy, helping to finance businesses, create jobs, and provide services in the state.
New York Residents Covered
- New York residents own 8 million individual life insurance policies, with coverage averaging $215,000 per policyholder.
- Individual life insurance coverage purchased in New York in 2017 totaled $136 billion.
- New York residents have $2.4 trillion in total life insurance coverage.
- Group life insurance coverage amounts to $739 billion in New York.
- Every day in New York, life insurers pay out $134.1 million in life insurance and annuities to families and businesses.
Providing Guaranteed Income and Long-Term Care to Retirees
- Annuity Benefits paid in the state in 2017 totaled $6.4 billion.
- Long-term care insurance paid in the state in 2017 totaled $995 million.
Download the Life Insurance Fact Sheet. All statistics are from the American Council of Life Insurers.
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