Karl Newman, President
Darrin Sanger, Communications Director
NW Insurance Council
Phone: (206) 624-3330
Fax: (206) 624-1975
Insurance good for financial security,
great for Idaho economy
SEATTLE - Insurance provides financial security for millions
of Idaho residents and makes a major contribution to the economy
across the Northwest. At the most fundamental level, insurance
is the foundation for economic interaction and nearly all commerce.
New data released by the American Insurance Association shows
the insurance industry in Idaho is a key part of the state's strong
"Insurance makes it possible to buy a car or a home, start a
small business and build communities, said Karl Newman, president,
NW Insurance Council. "Insurance also provides quality employment
opportunities to thousands of Idaho residents."
Insurer premium taxes and bond investments directly finance construction
and maintenance of critical public services such as roads and
bridges, schools and affordable housing. Insurance companies headquartered
both here and in other states, employed more than 12,000 Idaho
residents in 2005 and brought more than $54.7 million in payroll
income into the state and local economies.
Also in 2005, insurers paid more than $86.9 million in premium
taxes to Idaho State government, including primary funding for
the State Fire Marshal's Office.
"Insurers help fuel Idaho's economy," said Newman. "Insurance
companies doing business in Idaho help make state and local projects
a reality by purchasing a significant number of municipal bonds."
Property & Casualty (P&C) insurers purchased $524.5 million in
Idaho municipal bonds in 2005. That equals 13 percent of outstanding
government debt throughout the state.
"Perhaps most importantly, insurance companies are there when
policyholders need them most - helping Northwest residents recover
from accidents, illnesses and other personal and commercial insured
losses," Newman said.
In 2005, P&C insurers paid $958.7 million to Idaho residents
and businesses for insured losses. This included $346.1 million
for covered auto insurance losses, $72.2 million for losses covered
by Homeowners Insurance and $540 million for covered commercial
losses. Insurance claim payments also support local businesses,
enabling them to provide jobs and pay taxes that support the local
economy. These businesses include the auto parts and repair industries,
the building construction and supply industries, health care services
and legal services.
For more about how insurance companies support local and state
economies, contact NW Insurance
Council at (800) 664-4941.
Sources: American Insurance Association, A.M. Best, Insurance
Information Institute and U.S. Census Bureau.
NW Insurance Council is a nonprofit, public-education organization
funded by member insurance companies serving Washington, Oregon