Life insurance companies aren’t top of mind when thinking about the glitz and glamour often associated with Nevada’s gambling industry, but they are fundamental nonetheless to the state’s economy.
Life insurers have invested $51 billion in stocks, bonds, mortgages and other holdings in Nevada. They also generate 12,200 jobs.
Through investments in Nevada’s retail industry, life insurers also help support more than a half million additional jobs. The National Retail Federation reports that nearly 506,000 jobs – 27 percent of the Nevada workforce — are supported by the retail industry, which life insurers provide more than $1 billion in mortgage loans to.
One of the biggest investment areas for life insurers in Nevada is in apartment buildings and multifamily units. Life insurers own more than $1.4 billion in mortgage loans, helping individuals and families throughout the state call Nevada “home.”
Roads, bridges and other infrastructure needs in the state are met in part by life insurers, who have purchased $670 million in bonds issued by infrastructure-based entities. These include purchases of bonds issued by the Clark County Airport, Washoe County for highways and the Las Vegas Valley Water District. Life insurers help maintain and develop the physical infrastructures for Nevada’s future.
Farmers in Fernley, Pahrump and Elko benefit from life insurers’ agricultural loans. In all, the industry has provided $75 million in financing to help new farmers obtain land and veteran farmers expand.
Other ways life insurers have invested in Nevada include:
These investments are made with premium income from policyholders. Earnings from the investments help pay benefits to policyholders in their times of financial need.
Put another way, life insurance company investments protect families and help build and improve communities. These investments may not be flashy, but they are a sure bet in Nevada and throughout the United States.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
