When residents in Erie and Philadelphia – and various other cities and counties throughout Pennsylvania – drink a glass of clean water, life insurance rarely comes to mind.
But maybe it should. Life insurers invest significantly in utilities in the state, especially water and sewer authorities. For example, life insurers currently have:
In all, life insurers currently have $488 million invested in bonds issued by utilities in the state – a small portion of the $244 billion overall the industry invests in the Pennsylvania economy.
All industry investments are designed to provide safe, solid returns to help companies pay life insurance benefits to policyholders, retirement income to annuity owners, and benefits to long-term care and disability income insurance policy owners.
At the same time, industry investments go a long way to support and build communities. The city of Erie, and Erie County, provide a good example of the way life insurers finance important projects in cities, towns and counties throughout Pennsylvania and throughout the country.
Life insurers have nearly $6.5 million invested in mortgages in apartment buildings and multifamily complexes in Erie. That’s in addition to $4.9 million in mortgages for 54 single-family homes, with an average $91,300 of remaining principal. Put simply, life insurers are helping families call Erie and Pennsylvania “home.”
Also in Erie, life insurers currently have:
Life insurers’ investments are woven quietly and effectively into communities in ways that are not often recognized. Like the foundation of a building, life insurers are a foundation of economic and financial stability from Erie in Northwest Pennsylvania to Philadelphia in Southeast Pennsylvania.
Marti Thomas served as Vice President, Tax, Trade & International for the American Council of Life Insurers. In that capacity, she was involved in tax, trade & international issues on Capitol Hill.
