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Insurance Charitable Contributions
IMPACT OF INSURANCE: Economic Impact | Look at the Numbers (Infographic) | 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.