Life Insurance Companies in New York and their investment in the Economy
- 170 life insurers are licensed to do business in New York and 87 are domiciled in the state.*
- The life insurance industry generates approximately 146,700 jobs in New York*
- Life insurance companies invest approximately $443 billion in New York's economy, helping to finance businesses, create jobs, and provide services in the state.*
New York Residents Covered
- Every day in New York, life insurers pay out $124.6 million in life insurance and annuities to families and businesses.*
- New York residents own 8.2 million individual life insurance policies.
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*statistics are from the American Council of Life Insurers. All other statistics are from a LICONY commissioned report titled
"New York life insurance industry, size, economic contributions, and recent trends" by Ernst & Young (May 2019)