The life insurance industry in New York state produced $20.3 billion in gross domestic product (GDP) in 2016, according to a new report commissioned by the The Life Insurance Council of New York (LICONY).
The New York life industry generated 1.3% of New York state’s $1.5 trillion in 2016 GDP, according to the Ernst & Young team that prepared the report.
The New York state life industry is considerably smaller than the state’s banking and securities industry.
The state’s banking industry produced $139 billion in 2016 GDP, and the state’s securities industry produced $93 billion in 2016 GDP.
But the New York state life industry was still so big that, all by itself, it would rank about 109th on the World Bank’s list of country GDP totals for 2017. The New York state life sector has been producing more income than nations such as Zimbabwe, Botswana, Laos, Senegal and Jamaica.