In addition to being a “game changer” for thousands of small and mid-market companies across the U.S., captive insurance also has a positive economic impact on states that domicile captives.
Tennessee and North Carolina insurance departments just published their latest economic impact reports, and captives are a big win for both states.
The Tennessee Department of Commerce & Insurance survey demonstrated that the captive insurance sector generated an economic impact of $692 million in 2016. This was a 59% increase from 2015. The industry has also created 98 new professional jobs in the state.
The North Carolina Department of Insurance reported $23 million in premium taxes in 2016 (up from $15 million in 2015). The industry has also created 60 new professional jobs in the state.
In Captivating Thinking, we have pointed out that captive insurance is good for business owners, good for business, good for employees (and the labor market), and good for America. Clearly, Tennessee and North Carolina are benefitting as well.