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.

 

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 All statistics are from the American Council of Life Insurers.