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US insurers play ‘pivotal’ role in economy

The Insurance Information Institute has produced a report outlining the critical role property and casualty (P&C) insurers play in supporting the US economy.

P&C insurers are major employers, investors and taxpayers, according to the latest data included in A Firm Foundation: How Insurance Supports the Economy.

“Following a record-breaking year of hurricanes, wildfires, and civil unrest, the pivotal role insurance plays in protecting and restoring the American economy through challenging times and events has become readily apparent,” Institute CEO Sean Kevelighan said.

“Our report highlights the extraordinary impact the insurance industry has from Main Street to Wall Street.”

The P&C sector has about $US1.9 trillion ($2.5 trillion) in financial assets under management in 2019. The industry’s contribution to gross domestic product, combined with that of life and annuity insurers, is about $US629.7 billion ($812.5 billion).

Click here for the report.