This paper presents two concepts of output for the property and casualty insurance industry. One is implicit in the U.S. national accounts and the 1993 System of National Accounts (SNA); the other is from the economics literature. For each concept, alternative methods for measuring the nominal value of insurance output are presented. A comparison is made of methods for converting the nominal value of output into real output. Finally, the paper examines whether the use of the national accounts concept in published aggregate productivity measures leads to an understatement of productivity growth.