NEWS & MORE ▸   NYIA News  |  Media Inquiries |  Impact of Insurance  |  Resources

Insurance Charitable Contributions

Financial Backbone of Communities

Insurance provides New Yorkers with financial security and enables people to live life to the fullest, People would not be able to own a home, drive a car or start a business without insurance. In 2016 alone property and casualty companies paid $26 billion in claims.

Giving Back

Insurance companies and agents are dedicated to serving their communities. The industry donates financially to a myriad of worthy causes, providing a total of $1 billion annually in philanthropic giving. Even more importantly, employees dedicate their time to help those in need – whether it’s Meals on Wheels, flood recovery efforts, building a playground or encouraging greater safety – the industry is always looking to make a difference.

Economic Driver

The industry is a major contributor to New York’s economy, contributing $58.6 billion to the gross state product (GSP) in 2015, accounting for 4 percent of the GSP. In 2016, the industry provided 197,257 jobs in New York, paid premium taxes totaling $1.5 billion and held more than $23.9 billion in municipal bonds.

Share This