The insurance industry took out a sizable policy of its own by giving nearly $28 million in campaign contributions during the 2008 campaign cycle, according to a new analysis by the publication BestWeek. ( BestWeek.pdf ) That makes insurance one of the largest fundraising blocs of any industry, just in time for the anticipated congressional reform of the financial services sector.
Looking at filings by more than 180 political action committees linked to insurers, brokers, trade associations, health maintenance organizations, among others, the publication (produced by the A.M. Best company and long considered a top source for insider news on all-things-insurance) found that the industry as a whole still tilted Republican, albeit less so than in recent cycles: Democrats got $13.2 million, while Republicans took in $14.6 million.
The largest contributing industry segment were life insurers, who gave $8.2 million, followed by bank-based insurers at $6.1 million. Within the industry, the largest political action contribution was $2.6 million from the American Bankers Association. AFLAC, Bank of America and the National Association of Insurance and Financial Advisors each sponsored PACS spending more than $1 million. The report also looks at top recipients of the industry's largesse in the House and Senate.
-- Julie Kosterlitz
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