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.