A Firm Foundation: How Insurance Supports the Economy

All insurance companies pay a state tax based on their premiums. Other payments are made to states for licenses and fees, income and property taxes, sales and use taxes, unemployment compensation taxes and franchise taxes.

Premium Taxes By State, Property/Casualty, Life/Annuity and Health Insurers, 2022 (1)

($000)

State Amount State Amount
Alabama  $513,226 Montana $153,056
Alaska 68,590 Nebraska 78,815
Arizona 732,224 Nevada 518,019
Arkansas 345,234 New Hampshire 136,733
California 3,319,048 New Jersey  747,723
Colorado 338,355 New Mexico 235,866
Connecticut 191,176 New York  2,409,677
Delaware 146,051 North Carolina 1,003,553
D.C. 148,438 North Dakota 75,216
Florida 1,571,412 Ohio 675,158
Georgia 482,092 Oklahoma 349,723
Hawaii 201,859 Oregon 85,403
Idaho 137,183 Pennsylvania 913,085
Ilinois 491,053 Rhode Island 159,612
Indiana 257,529 South Carolina 289,114
Iowa 152,546 South Dakota 97,571
Kansas 466,396 Tennessee 1,223,183
Kentucky 179,015 Texas 3,121,923
Louisiana 1,080,293 Utah 189,609
Maine 136,120 Vermont 68,799
Maryland 791,320 Virginia 683,923
Massachusetts 587,997 Washington 823,878
Michigan 398,371 West Virginia 135,847
Minnesota 718,431 Wisconsin 247,174
Mississippi 383,652 Wyoming 33,611
Missouri 465,920 United States $28,759,802

(1) Includes other insurance companies. Data are for each state's fiscal year.

Source: U.S. Department of Commerce, Bureau of the Census.

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