California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

California has a $1.85 trillion economy that ranks it as a global financial power,
thanks in part to a multibillion-dollar boost from the property/casualty insurance
industry, according to a new report.

The report, written by the Insurance Information Institute and available on the Insurance
Information Network of California Web site, found that:

• In 2007, insurers contributed $30.1 billion to California’s gross state product, 
  accounting for about 2 percent of the state’s GSP

• California employs more insurance professionals than any other state. Property 
  and casualty insurers provided 297,431 California jobs in 2008, or more than 10 
  percent of the nation’s insurance workforce. California insurance jobs accounted 
  for $20.7 billion in compensation

• In 2009, property and casualty insurance claims payments totaled $28.7 billion 
  in California, while life insurance claims and benefits payouts in California 
  totaled almost $41.8 billion

• California collected $2.05 billion in premium taxes from insurers in 2009, nearly 
  double that of the next leading state

• Californians insure substantially more cars – roughly 24 million in all – than 
  drivers in any other state.

From auto insurance to homeowner insurance to business insurance, insurers provide
millions of Californians with a blanket of security underwriting risks and contributing
to the state’s economic engine,” said IINC Executive Director Candysse Miller.

I am Tim Johnson and this has been the California Business Minute.