Study Shows Industry Contributes $200 Billion to U.S. Economy

The insurance industry contributes almost $200 billion to the United States' gross national product each year, approximately 2.4 percent of the total GNP, according to the study compiled by the Alliance of American Insurers.  The survey provides facts and figures on insurance industry employment and payroll by state, insurance industry investments and how much households spend on insurance.

An "unexpected" finding was the decline from 6.7 to 6.3 percent for household spending on all types of insurance in 1998, the last year for which information is available.  Roger Kennedy, associate vice president of research for the Alliance, said, "This indicates that despite consumer claims that the cost of insurance is skyrocketing, insurance premiums are actually taking a smaller bite out of their purse."