III Report: California Auto Insurance Companies Significantly Impact Economy

RANCHO CUCAMONGA, CA, November 02, 2010 (Press-News.org) A new report prepared by the Insurance Information Institute (III) and released last month by the Insurance Information Network of California indicates that providers of auto and other types of coverage have had a major impact on the Golden State's economy.

The III data show that insurers located in the state wrote $114.7 billion in premiums in 2009, with approximately $19 billion of those premiums having been written by California auto insurance companies. Looking at the taxes that were paid as a result of those premiums, insurers located in California contributed the largest amount of any state in the nation. Premium taxes totaled $2.05 billion in 2009; the state with the second highest sum was Texas, with $1.14 billion.

Further, the report indicates that insurers also contribute greatly to the Calif. job market. Citing numbers from the Bureau of Labor Statistics (http://www.bls.gov/), the report states that insurers provided 297,431 people with jobs in 2008, resulting in $20.7 billion in compensation being paid.

Another positive influence of insurers that is noted in the report is the large sum of money that went to helping keep Californians on their feet financially. Measured by incurred losses, Property/Casualty insurers paid out $28.7 billion in claims last year. Nearly $11 billion of those payments were made by auto coverage providers.

Citing the National Association of Insurance Commissioners, the report shows that there were 121 property/casualty coverage carriers operating in the state last year. To find the one offering the best car coverage for the best price, shoppers can go to http://www.onlineautoinsurance.com/california/ where visitors will be able to generate a free side-by-side quote comparison including rate estimates from a variety of carriers.

Website: http://www.onlineautoinsurance.com/