Virginia Fact Sheet 2018
- The life insurance industry generates approximately 36,200 jobs in Virginia, including 14,700 direct employees and 21,500 non-insurance jobs.
- 422 life insurers are licensed to do business in Virginia and 3 are domiciled in the state.
- Virginia residents have $965 billion in total life insurance coverage.
- State residents own 4 million individual life insurance policies, with coverage averaging $135,000 per policyholder.
- Group life insurance coverage amounts to $440 billion.
- Individual life insurance coverage purchased in Virginia in 2016 totaled $41 billion.
- $10 billion was paid to Virginia residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2016.
- Annuity benefits paid in the state in 2016 totaled $2 billion.
- Life insurance companies invest approximately $148 billion in Virginia's economy.
- About $117 billion of this investment is in stocks and bonds that help finance business development, job creation, and services in the state.
- Life insurers provide $14 billion in mortgage loans on farm, residential, and commercial properties, and own $1 billion in real estate in Virginia
ACLI in Virginia
- 241 ACLI member companies provide financial and retirement security to Virginia families through life insurance, annuities, long-term care and disability income insurance, and retirement plans.
- 94 percent of all life and annuity payments are from ACLI members.
- 86 percent of total life insurance coverage is provided by ACLI members.
- 90 million American families rely on life insurers' products for financial and retirement security.*
- Life insurers are leading providers of retirement solutions, including 401(k)s, 403(b)s, 457s, IRAs, and annuities, managing 18 percent of all defined contribution plan assets and 14 percent of all IRA assets.
- 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 invest $6.4 trillion in the U.S. economy—95 percent of the industry's total assets.
Life insurers are a major source of bond financing for American businesses, holding almost 22 percent of all U.S. corporate bonds.
*75 million households rely on life insurance and/or non-qualified annuities; an additional 15 million households who don't own life insurance or non-qualified annuities rely on qualified annuities, disability income insurance, long-term care insurance, supplemental insurance, or a combination of these products.
Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2016 annual statement data; U.S. Bureau of Economic Analysis, 2016 data; U.S. Census Bureau, 2016 data; U.S. Bureau of Labor Statistics, 2016 data; U.S. Treasury Department, 2016 data; and 2016-2017 MacroMonitor Survey 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 and Puerto Rico. Includes names and phone numbers for key personnel and specific subject contacts.