NEW YORK

New York Fact Sheet 2017

Jobs

  • The life insurance industry generates approximately 150,800 jobs in New York, including 59,700 direct employees and 91,100 non-insurance jobs.
  • 171 life insurers are licensed to do business in New York and 86 are domiciled in the state.

Protection

  • New York residents have $2.3 trillion in total life insurance coverage.
  • State residents own 8 million individual life insurance policies, with coverage averaging $198,000 per policyholder.
  • Group life insurance coverage amounts to $699 billion.
  • Individual life insurance coverage purchased in 2015 in New York totaled $135 billion.
  • $36 billion was paid to New York residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2015.
  • Annuity benefits paid in the state in 2015 totaled $6 billion.

Investments

  • Life insurance companies invest approximately $458 billion in New York's economy.
  • About $371 billion of this investment is in stocks and bonds that help finance business development, job creation, and services in the state.
  • Life insurers provide $38 billion in mortgage loans on farm, residential, and commercial properties, and own $3 billion in real estate in New York.

Across America

  • 75 million American families depend on life insurers' products to protect their financial and retirement security.
  • More than 16 percent of Americans' long-term savings is in permanent life insurance and retirement annuities.
  • Life insurers pay out $1.7 billion to families and businesses every day.
  • Life insurers are leading providers of retirement solutions, including 401(k)s, 403(b)s, 457s, IRAs, and annuities, managing 20 percent of all defined contribution plan assets and 14 percent of all IRA assets.
  • The life insurance industry generates approximately 2.5 million jobs in the U.S.
  • Life insurers invest $5.9 trillion in the U.S. economy—90 percent of the industry's total assets.
  • Life insurers are a major source of bond financing for American businesses, holding 20 percent of all U.S. corporate bonds.

ACLI in New York

  • 78 ACLI member companies provide financial and retirement security to families through life insurance, annuities, long-term care and disability income insurance, and retirement plans.
  • 91 percent of all life and annuity payments are from ACLI member companies.
  • 90 percent of total life insurance coverage is provided by ACLI members.

Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2015 annual statement data; U.S. Bureau of Economic Analysis, 2015 data; U.S. Census Bureau, 2015 data; U.S. Bureau of Labor Statistics, 2015 data; and U.S. Treasury Department, 2015 data.


STATE FACT SHEETS AND INFOGRAPHICS

ACLI's State Fact Sheets provide useful information about the life insurance industry in all 50 states and the District of Columbia, including:

  • Residents employed by the industry
  • Industry investments
  • Residents covered and benefits paid

INSURANCE DEPARTMENT DIRECTORIES

The State Insurance Department Directory, with contact information for 50 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. Includes names and phone numbers for key personnel and specific subject contacts.