Ohio Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE OHIO ECONOMY

The insurance industry in Ohio has a significant impact on the state’s economy that extends well beyond its responsibilities to collect premiums and settle claims. It employs licensed professionals, pays taxes, owns municipal bonds and serves people in their times of greatest need.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 132,287 jobs in Ohio in 2012. The Ohio insurance industry accounted for about $8.6 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $17.9 billion to the Ohio gross state product (GSP) in 2012, accounting for 3.26 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Ohio totaled $504.1 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Ohio totaled $13.6 billion in 2012. In addition, premiums written by life/health insurance companies totaled $29.5 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).

SURPLUS LINES

The surplus lines market, a group of highly specialized insurers exists to provide coverage that is not available through licensed insurers in the standard insurance market. For the many thousands of businesses that rely on some level of surplus line protection to keep their doors open, surplus lines is an important segment of the market. The Ohio surplus lines market accounted for $648.7 million in gross premiums written in 2012, according to a survey by Business Insurance.

CLAIMS PAYMENTS

Insurance company claims payments help ensure the economic security of individuals and businesses and help sustain a number of related industries. In 2012 these payments in Ohio as measured by direct property/casualty incurred losses, were $8.5 billion. Life insurance claims and benefits payouts in Ohio totaled $16.2 billion in 2012. On a direct basis before reinsurance. Includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.

CATASTROPHES

The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic storm or wildfire. The state suffered damage from several of the most severe winter storms in the Midwest (see chart). In addition, in 2013 Ohio was hit by 26 tornadoes and 140 major hail events.

 

THE FIFTEEN MOST COSTLY U.S. WINTER EVENTS BY INSURED LOSSES, 1980-2012 (1)

($ millions)

        Losses when occurred  
Rank Date Event Location Overall Insured (2) Deaths
1 Mar. 11-14, 1993 Blizzard  24 states affected $5,000 $1,980 270
2 Apr. 13-17, 2007 Winter storm, tornadoes, floods Northeast, Southeast, South, CT;
D.C.; DE; GA; LA; MA; MD; ME;
MS; NC; NH; NJ; NY; PA; RI; SC;
TX; VA; VT; WV
2,000 1,575 19
3 Dec. 10-13, 1992 Winter storm Northeast, Midwest, VA; MD; DE; PA; NJ; NY; CT; RI; MA; NE 3,000 1,000 19
4 Jan. 31-Feb. 3, 2011 Winter storm, snowstorms, winter damage TX; CT; MA; IL; NY; OK; OH; PA; RI; IN 1,300 975 36
5 Dec. 17-30, 1983 Winter damage, cold wave FL; GA; ID; IL; IN; IA; KS; KY; LA; MD; MA; MI; MN; MS; MO; MT; NE; NJ; NY; NC; ND; OH; OK; OR; PA; RI; SC; SD; TN; TX; UT; VA; WA; WV; WI; WY 1,000 880 500
6 Jan. 17-20, 1994 Winter damage, cold wave PA; NJ; NY; OH; MA; IN; NC; VA; WV; KY; MD; NH; DE; ME; RI; VT; CT; IL; TN; SC 1,000 800 70
7 Feb. 10-12, 1994 Winter damage South, Southeast, TX; OK; AR; LA; MS; AL; TN; GA; SC; NC; VA 3,000 800 9
8 Jan. 1-4, 1999 Winter storm South, Midwest, Southeast, Northeast, TX; OK; AR; MO; LA; MS; AL; GA; FL; SC; NC; TN; IL; IN; OH; PA; WV; VA; MD; DE; NJ; NY; CT; RI; MA; ME 1,000 775 25
9 Jan. 4-9, 2008 Winter storm South, Southwest, Midwest, North, Northeast, Northwest, AR; CA; CO; IL; IN; KS; MI; MO; NY; OH; OK; OR; WA; WI; NV 1,000 745 12
10 Jan. 31-Feb. 6, 1996 Winter damage 31 states affected 1,500 735 16
11 Oct. 28-31, 2011 Winter storm, winter damage CT; NJ; MA; NY; PA; NH 900 665 28
12 Jan. 6-9, 1996 Snowstorm Midwest, Northeast 1,200 600 85
13 Feb. 9-14, 2010 Winter storm, blizzards, winter damage VA; KY; SC; MS; MD; DC; DE; PA; NJ; NY; RI; MA; OH; IL; IA; TX; OK; NC; WV 800 600 NA
14 Jan. 13-16, 1999 Winter damage, ice storm Midwest, North, Northeast, Southeast, IL; IN; MI; OH; PA; WV; VA; MD; NJ; NY; CT; MA; VT; NH; ME 750 575 NA
15 Jan. 26-28, 2009 Winter damage, ice storm Southeast, South Central, East, Midwest, AR; IN; KY; MO; OH; OK; WV 1,100 565 58

(1) Most costly U.S. blizzards and winter storms/damages based on insured losses when occurred.
(2) Based on property losses including, if applicable, agricultural, offshore, marine, aviation and National Flood Insurance Program losses in the United States and may differ from data shown elsewhere.

NA=Data not available.

Source: © 2013 Munich Re, Geo Risks Research, NatCatSERVICE.

 

LEADING WRITERS

 

LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN OHIO BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $983,230 18.8%
2 Progressive Corp.  661,849 12.7
3 Allstate Corp 525,917 10.1
4 Nationwide Mutual Group 511,737 9.8
5 Grange Mutual Casualty Co. 278,282 5.3
6 Berkshire Hathaway Inc. 258,884 5.0
7 Liberty Mutual  210,097 4.0
8 Farmers Insurance Group of Cos. 155,697 3.0
9 American Family Mutual  153,347 2.9
10 Westfield Group 149,455 2.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF COMMERCIAL INSURANCE IN OHIO BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 Cincinnati Financial Corp.  $408,535 7.0%
2 American International Group  341,522 5.9
3 Liberty Mutual  304,272 5.2
4 Travelers Companies Inc.  294,433 5.1
5 Westfield Group  249,167 4.3
6 CNA Financial Corp.  201,707 3.5
7 Chubb Corp.  200,038 3.5
8 Zurich Insurance Group Ltd.  182,054 3.1
9 Nationwide Mutual Group  178,099 3.1
10 ACE Ltd.  163,550 2.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN OHIO BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $551,163 22.7%
2 Allstate Corp. 254,649 10.5
3 Nationwide Mutual Group 209,414 8.6
4 Liberty Mutual 158,652 6.5
5 Grange Mutual Casualty Co. 127,658 5.3
6 Cincinnati Financial Corp. 103,473 4.3
7 Erie Insurance Group 98,265 4.1
8 Westfield Group 94,996 3.9
9 Farmers Insurance Group of Companies 79,558 3.3
10 Auto-Owners Insurance Co. 75,659 3.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN OHIO BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $3,304,259 15.5%
2 Western & Southern Financial 1,861,311 8.7
3 MetLife Inc. 1,301,026 6.1
4 Jackson National Life Group 1,098,297 5.2
5 Lincoln National Corp. 796,492 3.7
6 Nationwide Mutual Group 760,046 3.6
7 Manulife Financial Corp. 705,765 3.3
8 ING U.S., Inc. 704,799 3.3
9 New York Life Insurance Group 564,151 2.6
10 American International Group 560,468 2.6

(1) Includes life insurance, annuity consideration, deposit-type contract funds, other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

Source: SNL Financial LC.

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