New York State Life Industry Produces More GDP Than Jamaica

May 21, 2019 by Allison Bell

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 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.

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Originally Posted at ThinkAdvisor on May 20, 2019 by Allison Bell.