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Economic Impact Study


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New York's insurance industry: Boosting economic returns for the state.

In February 2012 NY First engaged Goss & Associates Economic Solutions to conduct a customized study to estimate the impact of New York's property-casualty insurance industry on the state of New York. This subsequent analysis, published in 2017, estimates the economic impact for 2017-2020. The study estimates overall impacts and also calculates the impacts across 20 industries, 93 counties, 63 Senatorial districts, 150 Assembly districts and the 10 economic development regions in the state. Using input-output multipliers, the study provides sales, earnings and job impacts in addition to estimating the impact of the industry on yearly state and local tax collections.

Read the Study In Full    Download the Infographic

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"I consider the property/casualty insurance industry a vital component of New York States overall economy and this report confirms my viewpoint. Moving forward, it is vital that the insurance industry continues to grow providing good paying jobs, bolstering our states financial future, and delivering an important service to New York families and businesses who need financial protection in their day to day lives." - Former Senate Insurance Committee Chair James L. Seward (51st District)  



This study was prepared for NY First by by Ernest Goss, Ph.D., Principal Investigator, and Scott Strain, Senior Research Economist at Goss & Associates. This study, while funded by NY First, was developed independently of this organization.
 
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