$26 billion spent on premiums in state
By Roger Fillion, Rocky Mountain News (Contact)
Published August 28, 2008 at 9:05 p.m.
Coloradans spent more than $26 billion on insurance premiums in 2007, according to a report issued by the Colorado Division of Insurance.
The money - for health, auto and other forms of insurance - went to 1,306 companies. Twenty-seven accounted for more than half of the total.
Even though automobile insurance is mandatory in Colorado - and health insurance is not - Coloradans spent more in 2007 on accident and health insurance premiums. The two represented 33 percent of the total insurance premiums paid here.
The second-largest premium volume went toward annuities, which accounted for 16 percent of the total.
Automobile insurance tied for third place, along with deposit-type funds, such as so-called guaranteed investment contracts. Each accounted for 10 percent of annual premiums.
Life insurance accounted for 7 percent of the total.
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