Democratic presidential candidate Joe Biden has received more funds from insurance industry political committees than President Donald Trump in this 2020 election cycle.
Biden has received $5.5 million compared to Trump’s $4.6 million, according to an analysis from the Center for Responsive Politics (CRP) based on figures reported by the Federal Election Commission as of Oct. 23, 2020. The figures come from committees from all sectors of the insurance industry including property, casualty, life and health.
Republicans, however, beat Democrats when it comes to the overall total of insurance industry political action committee contributions to House and Senate candidates. Of the nearly $25 million contributed thus far by insurance interests to federal candidates, Republicans have received about 54% and Democrats, 46%, a breakdown by the CRP shows.
Political action committees — or PACs— raise and contribute money. Most PACs represent business, labor or ideological interests. PACs can give $5,000 to a candidate committee per election (primary, general or special). They can also give up to $15,000 annually to any national party committee, and $5,000 annually to any other PAC. PACs may receive up to $5,000 from any one individual, PAC or party committee per calendar year.
In this election cycle, PACs representing property/casualty insurance interests only have contributed a little more than $10 million. About 57% of these monies have gone to Republican candidates and 43% to Democratic candidates.
Below is a list from the CRP of the top PACs representing property/casualty insurers and groups and the total amounts each PAC has contributed to candidates of each major party. CPR’s Open Secrets website provides the names of the federal candidates receiving the P/C insurance PAC monies.
*This story ran previously in our sister publication Insurance Journal.