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News

REPORT: PROPERTY-CASUALTY INSURANCE INDUSTRY GIVES $40 BILLION BOOST TO NEW YORK STATE ECONOMY

Jennifer Lindacher

(Syracuse, New York, Dec. 4, 2017) — The property-casualty (P&C) insurance industry contributes more than $40 billion to New York State’s economy, an industry group reported today. The report by New York First, Inc. also said the industry will support more than 152,000 jobs annually, produce more than $200 billion in output and pay more than $66 billion in wages and salaries over a five-year period.

“The property-casualty insurance industry underpins the New York State economy,” said New York First Co-Chair Richard MacDonald, CPCU, ARM, AIM. “This report shows just how important it is to the state’s job market, tax base, and financial security.” MacDonald is chair of the board of Big I New York, the state’s oldest insurance producer trade association. He is also vice-president and director of sales with Haylor, Freyer & Coon, Inc. in Syracuse, New York.

New York First Co-Chair Mark Berger added, “The property-casualty insurance industry provides high-paying jobs for thousands of New Yorkers. This report also shows that workers in New York’s P&C industry are vastly more productive than their peers in the rest of the country. It will remain a vital part of New York’s economy for years to come.” Berger is Northeast Region president for The Main Street America Group and NGM Insurance Co. in Syracuse.

Goss & Associates and The Goss Institute for Economic Research, based in Denver, prepared the report. Among its findings:

  • Between 2016 and 2020, the P&C industry will produce $202.9 billion for the state economy. It will provide $66.3 billion in wages and salaries and $7.8 billion in self-employment income.

  • Productivity growth in New York’s insurance sector has been 2.33 times that of the insurance industry countrywide.

  • New York P&C firms supported wages per job of $85,270 in 2016, 44.7 percent above the state average. Between 2017 and 2020, the industry will support an average of 152,775 jobs per year.

  • Every 1,000 New York P&C jobs support 1,550 non-P&C jobs in the state.

  • Between 2006 and 2015, P&C companies’ purchases of New York municipal bonds reduced the bonds’ interest rates by 0.45 percent, saving state taxpayers $153.6 million annually, for a total savings of $1.5 billion. The P&C industry invests one-third of its fixed income investment portfolio in state and local municipal bonds.

  • The industry produced $2.4 billion in state and local taxes in 2016. It will produce another $9.5 billion between 2017 and 2020. Each P&C industry job creates approximately $40,880 in state and local taxes annually.

The full report is available for download at https://www.biginy.org/Resources/Companies/SiteAssets/Pages/NYFirst/default/Econ%20Impact%20Study%20FINAL%20New%20York%202017%20V24.pdf.

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