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RMIIA
P&C Insurance Industry Quick Links
In an economy where secure, good paying jobs are difficult to come by, insurance continues to employ thousands of people through company regional office positions as well as insurance agents and support personnel.
Carole Walker, RMIIA

Colorado P&C Insurance Industry Facts

Auto, home and business insurance companies are essential to Colorado's economy—providing tremendous financial and charitable contributions and employing thousands of Coloradans. In an economy where secure, good paying jobs are difficult to come by, insurance continues to employ thousands of people through company regional office positions, and by extension, thousands of insurance agents and support personnel. That doesn't even take into account all of the related fields that depend on insurance dollars to maintain their business (auto body repair, housing contractors, medical and health care providers, etc.). In fact, according to www.careercast.com an insurance actuary ranked as the #1 job in the U.S. for 2010!

Click here to view the Colorado P&C Insurance Industry's economic & charitable contributions.

  • The insurance industry is a critical underpinning of the national, state and local economy. There are an estimated 317 insurance companies selling auto, home and business insurance in Colorado.1
  • A major employer, with approximately 52,000 people working for insurance companies, agencies and brokerage firms in Colorado. The overall insurer-related wages and salaries in Colorado add up to more than $3.5 billion, with an average industry wage of $69,498.2
  • Insurance agents and brokers are key community business partners who directly represent millions of consumers who buy insurance to protect themselves and their families. There are more than 14,000 producers licensed to sell P & C insurance in Colorado.1

  • The insurance industry pays Colorado annual premium taxes that amount to more than $211 million. It is the state's third largest tax generator after sales and income taxes.2

  • Colorado's insurance and finance industry is projected to grow by 20 percent between 2013 and 2023. This amounts to 7,882 additional jobs over the 10-year period, or about 788 added jobs per year.3

  • Sixteen of the 50 largest corporate foundations were financial services firms, according to the latest ranking by the Foundation Center. The top five insurers contributed $135 million in 2012.

  • Insurance companies help fund the construction of schools, roads, health care facilities and other public sector projects through investments in municipal bonds. The total combined value of all Colorado municipal bonds held is estimated at more than $6.6 billion.4

  • Nearly 38 percent of the funds were invested in education projects and 26 percent in transportation bonds.5

    1. Colorado Department of Regulatory Agencies, Division of Insurance
    2. U.S. Department of Commerce
    3. Colorado Department of Labor & Employment
    4. The Federal Reserve
    5. Insurance Research Council
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