PROVIDING JOBS IN INDIANA AND ACROSS THE NATION
- 599 life insurers are licensed to do business in Indiana and 37 are domiciled in the state.
- The life insurance industry employs about 24,000 people in Indiana. The entire insurance industry employs 42,000 people in the state.
- The life insurance industry employs about 1.2 million people nationwide. The entire insurance industry employs 2.2 million people in the U.S.
PROTECTING INDIANA RESIDENTS
- Indiana residents have $410 billion in death benefit coverage.
- State residents own 4 million individual life insurance policies, with coverage averaging $70,000 per policyholder.
- Group life insurance coverage amounts to $150 billion.
- Individual life insurance coverage purchased in 2006 in Indiana totaled $30 billion.
- $7 billion was paid to Indiana residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2006.
- Annuity benefits paid in the state in 2006 totaled $1 billion.
INVESTMENTS IN INDIANA'S ECONOMY
- Life insurance companies invest approximately $70 billion of their assets in Indiana’s economy.
- About $60 billion of this investment is in stocks and bonds that help finance business development, job creation, and services in the state.
- Life insurers provide $4 billion in mortgage loans on farm, residential, and commercial properties, and own $280 million in real property in Indiana.
PROTECTING AMERICANS; INVESTING IN THE U.S. ECONOMY
- Life insurers provide benefit payments in excess of $300 billion each year, helping families guarantee long-term financial security now and in retirement.
- The financial plans of 65 percent of American families include life insurance.
- With $4.3 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 American corporations, including $1.9 trillion invested in 2006.
ACLI IN INDIANA
- 306 ACLI member companies provide financial and retirement security to families.
- 88 percent of all life and annuity payments are from ACLI member companies.
- 87 percent of total life insurance coverage is provided by ACLI members.
2008
Source: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2006 annual statement data; U.S. Bureau of Economic Analysis, 2006 data; U.S. Census Bureau, 2006 data; U.S. Bureau of Labor Statistics, 2006 data; and Federal Reserve's 2006 Survey of Consumer Finances.