California Organized Investment Network $21.9 billion21,520 Qualified Investments Housing and Community Development Bonds $2.5 billionCalifornia Communities Development Authority, California Housing Finance Agency, CalVet Home Loans, 130 local redevelopment agencies
CALIFORNIA INSURERS Build communities
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Companies Regulated 397Domiciled in California 14Agent licenses 247,000
LIFEPROPERTY/CASUALTY
CALIFORNIA INSURERSProvide financial security for retirement, illness, injury or death and manage the financial risk of driving a car, owning a home or running a business.
669100
123,000
LIFE INSURANCERetirement savings, lifetime income, and life, disability and long term care protection.
Life Insurance in Force (2015)$3.6 Trillion
Individual
Group
LIFE INSURANCE
Premiums Paid in California (2015)$66.1 Billion
Annuities
Life Insurance
Accident & Health
Deposit Funds
LIFE INSURANCE
Benefits Paid in California (2015)$18.2 Billion
Life Insurance
Annuities
Policy Dividends
PROPERTY/CASUALTY INSURANCEProtects consumers and businesses from financial loss due to property damage and legal liability
Premiums Paid in California (2015) $69.8 Billion
Private AutoWorkers CompHomeownersCommercialOther
PROPERTY/CASUALTY INSURANCE
Claims Paid in California (2015)$39.6 Billion
Private AutoCommercialWorkers CompHomeownersOther
INVESTMENTSInsurers buy municipal bonds -- safe investments that can be liquidated quickly.
U.S. Investments (2015) – Life$3.7 Trillion
BondsMortgagesCashStocksReal EstateOther
INVESTMENTS
U.S. Investments (2015) – P/C$1.5 Trillion
BondsStocksCashMortgagesReal EstateOther
Catastrophe Losses (2015)Texas $3.4 billionCalifornia $1.2 billionMassachusetts $1.2 billion
CATASTROPHESWildfires and earthquakes threaten millions of Californians.
Wildfires (2015)Texas 9,272 California 8,745North Carolina 3,828
California Earthquake AuthorityPolicies in Force 870,000Claims-Paying Capacity $12 billion
Insurance Industry Employees 297,159Payroll $22.3 billion
Supplier Diversity $1.5 billionMinority Business Enterprises $729 millionWomen Business Enterprises $558 millionMulti-Certified Business Enterprises $135 millionDisabled Veteran Business Enterprises $89 millionLGBTQ Business Enterprises $5 million
CALIFORNIA INSURERS Provide green, upwardly-mobile jobs and purchase goods and services from local businesses.
Insurance Industry Charitable Fund$25.3 million in U.S. community grants218,000 hours of volunteer community service
CALIFORNIA INSURERS Give generously to their communities
California General Fund Revenue (2016-17) $169 billionPersonal Income Tax $85.3 billionSales and Use Tax $38.9 billionCorporation Tax $11 billionMotor Vehicle Fees $6.9 billionHighway Users Tax $4.8 billionInsurance Tax $2.3 billionCigarette Tax $816 millionAlcoholic Beverage Tax $377 millionOther $18.7 billion
CALIFORNIA INSURERS An important and stable source of state tax revenue
Highest Insurance Tax Rate Among Large States(Percent of Gross Premiums)California 2.35New Jersey 2.10New York 2.00
California Bond Investments $51.3 billionEducation $14.9 billionState Government $9.1 billionLocal Government $6.9 billionTransportation $6.9 billionWater $5.2 billionEnergy $3.5 billionHousing and Community Development $2.5 billionHealthcare $1.3 billionEnvironmental Protection $1.1 billion
CALIFORNIA INSURERS Finance the construction of California’s infrastructure.
California Organized Investment Network $21.9 billion21,520 Qualified Investments Housing and Community Development Bonds $2.5 billionCalifornia Communities Development Authority, California Housing Finance Agency, CalVet Home Loans, 130 local redevelopment agencies
CALIFORNIA INSURERS Build communities
K-12 $6.4 billion443 local school districts
EDUCATION $14.9 billionInsurers invest in California’s future by purchasing bonds that help schools, community colleges and universities build the facilities they need.
Higher Education $4.5 billionUniversity of California, California State University, Student Loan Corporation
Community Colleges $4 billion68 community college districts
State Government $9.1 billionEconomic recovery, economic development, public works
Local Government $6.9 billion262 cities and counties
GOVERNMENT $16 billionInsurers support state and local governments with investments that finance capital improvements.
TRANSPORTATION $6.9 billionInsurers keep California moving by investing in transportation infrastructure.
Bay Area Toll Authority
Los Angeles County Airports
Alameda Corridor Transportation Authority
LA County Metropolitan Transportation Authority
San Francisco Airports
Water $5.2 billionLA Water and Power, Metropolitan Water District of Southern California, San Diego Water Authority, Sacramento Water Financing Authority Energy $3.4 billionSan Francisco Public Utilities Commission, East Bay Municipal Utilities District, Southern California Public Power Authority, Sacramento Municipal Utility District
WATER AND ENERGY $8.6 billionInvestments in water and energy bonds help sustain California’s growing population.
Healthcare $1.3 billionCalifornia Health Facilities Financing Authority UC Medical Center Environmental Protection $1.1 billionCalifornia Pollution Control Financing Authority Orange County Sanitation District Sacramento County Sanitation District
HEALTHCARE AND ENVIRONMENTALPROTECTION $2.4 billionInvestments in healthcare facilities, clean water and clean air keep Californians healthy.
SOURCES
AM Best American Council of Life Insurers
California 2016-17 BudgetCalifornia Department of Insurance
California Earthquake Authority Insurance Information Institute
National Association of Insurance CommissionersNational Interagency Fire Center
Property Claims ServicesSNL Financial LC
US Department of Labor, Bureau of Labor Statistics
#CALIFORNIA INSURANCE IMPACT
American Council of Life Insurers
American Insurance Association
Association of California Insurance Companies
Association of California Life and Health Insurance Companies
Insurance Information Institute
Pacific Association of Domestic Insurance Companies
Personal Insurance Federation of California
FOR MORE INFORMATION
Richard WiebePacific Crest Public Affairs