Life Insurance and Annuities

Life Insurers in YOUR State

FLORIDA

JOBS
  • 473 life insurers are licensed to do business in Florida and 11 are domiciled in the state.
  • The life insurance industry employs approximately 48,000 people in Florida.
  • In addition, the life insurance industry supports approximately 80,000 non-insurance jobs in Florida.
PROTECTION
  • Florida residents have $1 trillion in death benefi t coverage.
  • State residents own 7 million individual life insurance policies, with coverage averaging $131,000 per policyholder.
  • Group life insurance coverage amounts to $480 billion.
  • Individual life insurance coverage purchased in 2010 in Florida totaled $95 billion.
  • $22 billion was paid to Florida residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2010.
  • Annuity benefi ts paid in the state in 2010 totaled $5 billion.
INVESTMENTS
  • Life insurance companies invest approximately $240 billion in Florida’s economy.
  • About $192 billion of this investment is in stocks and bonds that help fi nance business development, job creation, and services in the state.
  • Life insurers provide $20 billion in mortgage loans on farm, residential, and commercial properties, and own $2 billion in real estate in Florida.
  • In 2010, life insurers held $2.5 billion of Florida-related Build America Bonds, or 45 percent of these bonds issued. These bonds include those issued by Broward County Schools, the Florida Turnpike Commission and the Florida State Board of Education.
ACROSS AMERICA
  • 75 million American families depend on life insurance industry products to protect their financial and retirement security.
  • The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobs supported by the industry.
  • 20 percent of American’s long-term savings is in life insurance and annuities. These savings are key to the protection and guarantees these products provide.
  • In 2010, life insurers provided payments in excess of $557 billion, helping families guarantee long-term fi nancial security now and in retirement.
  • With 90 percent of the industry’s $5.3 trillion assets invested in the U.S. economy, life insurers are one of the largest sources of investment capital in the nation.
  • Life insurers are the largest single source of bond fi nancing for American business, holding 18 percent of all U.S. corporate bonds.

2012
Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2010 annual
statement data; U.S. Bureau of Economic Analysis, 2010 data; U.S. Census Bureau, 2010 data; U.S.
Bureau of Labor Statistics, 2010 data; and U.S. Treasury Department, 2010 data.

AMERICAN COUNCIL OF LIFE INSURERS | F I N A N C I A L S E C U R I T Y . . . f o r L I F E .
101 Constitution Avenue, NW, Suite 700, Washington, DC 20001–2133 www.acli.com
From the American Council of Life Insurance

State Facts

FLORIDA PROVIDING JOBS IN FLORIDA

  • 478 life insurers are licensed to do business in Florida and 12 are domiciled in the state.
  • The life insurance industry employs approximately 46,000 people in Florida.
  • In addition, the life insurance industry supports approximately 56,000 non-insurance jobs in Florida.

PROTECTING FLORIDA’S FAMILIES

  • Florida residents have $1.5 trillion in death benefit coverage.
  • State residents own 8 million individual life insurance policies, with coverage averaging $130,000 per policyholder.
  • Group life insurance coverage amounts to $550 billion.
  • Individual life insurance coverage purchased in 2009 in Florida totaled $100 billion. 
  • $20 billion was paid to Florida residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2009.
  • Annuity benefits paid in the state in 2009 totaled $5 billion.

INVESTING IN FLORIDA'S ECONOMY

  • Life insurance companies invest approximately $220 billion of their assets in Florida’s economy.
  • About $175 billion of this investment is in stocks and bonds that help finance business development, job creation, and services in the state.
  • Life insurers provide $20 billion in mortgage loans on farm, residential, and commercial properties, and own $2 billion in real property in Florida.
  • In 2009, life insurers purchased over $748 million of Florida-related Build America Bonds, or 20 percent of these bonds issued.
  • These bonds include those issued by Broward County Schools, the Florida Turnpike Commission and the Florida State Board of Education.

ACROSS AMERICA

  • 75 million American families depend on life insurance industry products to protect their financial and retirement security.
  • The life insurance industry generates approximately 2.5 million jobs in the U.S., including direct employees, those who sell life insurance products, and non-insurance jobs supported by the industry.
  • In 2009, life insurers provided payments in excess of $594 billion, helping families guarantee long-term financial security now and in retirement. 
  • With 91 percent of the industry's $5 trillion assets invested in the U.S. economy, life insurers are one of the largest sources of investment capital in the nation.
  • Life insurers are the largest single source of bond financing for American business, holding 17 percent of all U.S. corporate bonds.  

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ACLI IN FLORIDA

  • 257 ACLI member companies provide financial and retirement security to families.
  • 92 percent of all life and annuity payments are from ACLI member companies.
  • 92 percent of total life insurance coverage is provided by ACLI members. 

Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2009 annual statement data; U.S. Bureau of Economic Analysis, 2009 data; U.S. Census Bureau, 2009 data; U.S. Bureau of Labor Statistics, 2009 data; and U.S. Treasury Department, 2009 data.