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- 1. California Organized Investment Network $21.9 billion 21,520 Qualified Investments Housing and Community Development Bonds $2.5 billion California Communities Development Authority, California Housing Finance Agency, CalVet Home Loans, 130 local redevelopment agencies CALIFORNIA INSURERS Build communities
- 2. Title Page Presentation to Presentation by Date Logo
- 3. Companies Regulated 397 Domiciled in California 14 Agent licenses 247,000 LIFE PROPERTY/ CASUALTY CALIFORNIA INSURERS Provide financial security for retirement, illness, injury or death and manage the financial risk of driving a car, owning a home or running a business. 669 100 123,000
- 4. LIFE INSURANCE Retirement savings, lifetime income, and life, disability and long term care protection. Life Insurance in Force (2015) $3.6 Trillion Individual Group
- 5. LIFE INSURANCE Premiums Paid in California (2015) $66.1 Billion Annuities Life Insurance Accident & Health Deposit Funds
- 6. LIFE INSURANCE Benefits Paid in California (2015) $18.2 Billion Life Insurance Annuities Policy Dividends
- 7. PROPERTY/CASUALTY INSURANCE Protects consumers and businesses from financial loss due to property damage and legal liability Premiums Paid in California (2015) $69.8 Billion Private Auto Workers Comp Homeowners Commercial Other
- 8. PROPERTY/CASUALTY INSURANCE Claims Paid in California (2015) $39.6 Billion Private Auto Commercial Workers Comp Homeowners Other
- 9. INVESTMENTS Insurers buy municipal bonds -- safe investments that can be liquidated quickly. U.S. Investments (2015) – Life $3.7 Trillion Bonds Mortgages Cash Stocks Real Estate Other
- 10. INVESTMENTS U.S. Investments (2015) – P/C$1.5 Trillion Bonds Stocks Cash Mortgages Real Estate Other
- 11. Catastrophe Losses (2015) Texas $3.4 billion California $1.2 billion Massachusetts $1.2 billion CATASTROPHES Wildfires and earthquakes threaten millions of Californians. Wildfires (2015) Texas 9,272 California 8,745 North Carolina 3,828 California Earthquake Authority Policies in Force 870,000 Claims-Paying Capacity $12 billion
- 12. Insurance Industry Employees 297,159 Payroll $22.3 billion Supplier Diversity $1.5 billion Minority Business Enterprises $729 million Women Business Enterprises $558 million Multi-Certified Business Enterprises $135 million Disabled Veteran Business Enterprises $89 million LGBTQ Business Enterprises $5 million CALIFORNIA INSURERS Provide green, upwardly-mobile jobs and purchase goods and services from local businesses.
- 13. Insurance Industry Charitable Fund $25.3 million in U.S. community grants 218,000 hours of volunteer community service CALIFORNIA INSURERS Give generously to their communities
- 14. California General Fund Revenue (2016-17) $169 billion Personal Income Tax $85.3 billion Sales and Use Tax $38.9 billion Corporation Tax $11 billion Motor Vehicle Fees $6.9 billion Highway Users Tax $4.8 billion Insurance Tax $2.3 billion Cigarette Tax $816 million Alcoholic Beverage Tax $377 million Other $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 2.35 New Jersey 2.10 New York 2.00
- 15. California Bond Investments $51.3 billion Education $14.9 billion State Government $9.1 billion Local Government $6.9 billion Transportation $6.9 billion Water $5.2 billion Energy $3.5 billion Housing and Community Development $2.5 billion Healthcare $1.3 billion Environmental Protection $1.1 billion CALIFORNIA INSURERS Finance the construction of California’s infrastructure.
- 16. California Organized Investment Network $21.9 billion 21,520 Qualified Investments Housing and Community Development Bonds $2.5 billion California Communities Development Authority, California Housing Finance Agency, CalVet Home Loans, 130 local redevelopment agencies CALIFORNIA INSURERS Build communities
- 17. K-12 $6.4 billion 443 local school districts EDUCATION $14.9 billion Insurers invest in California’s future by purchasing bonds that help schools, community colleges and universities build the facilities they need. Higher Education $4.5 billion University of California, California State University, Student Loan Corporation Community Colleges $4 billion 68 community college districts
- 18. State Government $9.1 billion Economic recovery, economic development, public works Local Government $6.9 billion 262 cities and counties GOVERNMENT $16 billion Insurers support state and local governments with investments that finance capital improvements.
- 19. TRANSPORTATION $6.9 billion Insurers 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
- 20. Water $5.2 billion LA Water and Power, Metropolitan Water District of Southern California, San Diego Water Authority, Sacramento Water Financing Authority Energy $3.4 billion San Francisco Public Utilities Commission, East Bay Municipal Utilities District, Southern California Public Power Authority, Sacramento Municipal Utility District WATER AND ENERGY $8.6 billion Investments in water and energy bonds help sustain California’s growing population.
- 21. Healthcare $1.3 billion California Health Facilities Financing Authority UC Medical Center Environmental Protection $1.1 billion California Pollution Control Financing Authority Orange County Sanitation District Sacramento County Sanitation District HEALTHCARE AND ENVIRONMENTAL PROTECTION $2.4 billion Investments in healthcare facilities, clean water and clean air keep Californians healthy.
- 22. SOURCES AM Best American Council of Life Insurers California 2016-17 Budget California Department of Insurance California Earthquake Authority Insurance Information Institute National Association of Insurance Commissioners National Interagency Fire Center Property Claims Services SNL Financial LC US Department of Labor, Bureau of Labor Statistics
- 23. #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
- 24. FOR MORE INFORMATION Richard Wiebe Pacific Crest Public Affairs richard@pacificcrestpa.com 916.952.1730
Editor's Notes
- #3: Blank title page.
- #5: All data is CA unless U.S. is in the title
- #6: Does not include premiums for managed care plans regulated by the Department of Managed Care.
- #8: Change Private to Personal Center
- #9: Change Private to Personal
- #15: Insurance tax = more than double alcohol and cigarette taxes combined.