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Life Insurance Companies in New York
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There are 133 life
insurers licensed to do business in New York State and 78 are domiciled in the
state.
- There were over 22,000 New York residents who
are employed directly by life insurance companies in 2008. Approximately 78,000 New York residents
are licensed to
sell life insurance in New York.
- The life insurance industry generates thousands of
additional jobs by the goods and services it purchases or leases from other
businesses in the state, such as law, accounting, actuarial and consulting
firms, computers and business machines, furniture and equipment, printing and
delivery services, office supplies, cleaning, maintenance, repair, security
services and other needs.
Life Insurers’ Investments in New York’s Economy
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In 2008, life insurance companies
invested approximately $350 billion of their assets in New York's economy.
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Of that, the largest proportion, $290
billion, was invested in stocks and bonds that helped finance state and
municipal infrastructure, utilities, public and private construction, generating
thousands of jobs and innumerable services in New York.
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Life insurers provided $22 billion in
mortgage loans on farm, residential and commercial properties and owned $2
billion in real property in New York.
New
York Residents Covered
- New York residents owned 9 million individual life
insurance policies in 2008, with coverage averaging $150,000 per policyholder.
- Individual life insurance coverage purchased in 2008 in
New York totaled $150 billion.
- In 2008, New York residents had $2 trillion in death
benefit coverage.
- Group life insurance coverage amounted to $570 billion
in New York in 2008.
Benefits to Policyholders and Beneficiaries
- In 2008, New Yorkers received approximately $30 billion
from life insurers in the form of death benefits, matured endowments, policy
dividends, surrender values, and annuity payments, the second highest amount
of any state in the nation.
Life Insurance in the United
States
- With $4.6 trillion invested in the U.S. economy, life
insurers are one of the largest sources of investment capital in the nation.
- Life insurers are the largest source of bond financing
for corporate America.
- The life insurance industry's retirement security and
financial protection products cover over 65% of American families.
- Life insurers provide benefit payments in excess of
$300 billion each year in the United States, helping families guarantee
long-term financial security - now and in retirement.
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