The Life Insurance Industry in New York

Life Insurance Companies in New York and their investment in the Economy

  • 170 life insurers are licensed to do business in New York and 87 are domiciled in the state.*
  • The life insurance industry generates approximately 146,700 jobs in New York*
  • Life insurance companies invest approximately $443 billion in New York's economy, helping to finance businesses, create jobs, and provide services in the state.*

New York Residents Covered

  • Every day in New York, life insurers pay out $124.6 million in life insurance and annuities to families and businesses.*
  • New York residents own 8.2 million individual life insurance policies.

 

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 *statistics are from the American Council of Life Insurers. All other statistics are from a LICONY commissioned report titled 

"New York life insurance industry, size, economic contributions, and recent trends" by Ernst & Young (May 2019)