Oklahoma Firm Foundation

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

The insurance industry in Oklahoma 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.

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 31,910 jobs in Oklahoma in 2012. The Oklahoma insurance industry accounted for about $1.5 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $2.7 billion to the Oklahoma gross state product (GSP) in 2012, accounting for 1.55 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Oklahoma totaled $268.1 million in 2013.

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 Oklahoma surplus lines market accounted for $282.5 million in gross premiums written in 2012, according to a survey by Business Insurance.

CLAIMS PAYMENTS

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. Oklahoma is prone to hail events and tornadoes. In 2013 Oklahoma ranked fourth in the nation for hail events, with 411 events, and fifth in the nation for tornadoes, with 56 storms.

 

LEADING WRITERS OF COMMERCIAL PROPERTY/CASUALTY INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/group Direct premiums written ($000) Market share
1 CompSource OK $284,064 8.2%
2 Travelers Companies Inc. 255,386 7.4
3 Liberty Mutual 203,373 5.9
4 Zurich Insurance Group Ltd. 184,088 5.3
5 American International Group 180,734 5.2
6 CNA Financial Corp. 124,940 3.6
7 Wells Fargo & Co. 124,580 3.6
8 Hartford Financial Services 103,484 3.0
9 Chubb Corp. 95,099 2.7
10 American Financial Group Inc. 89,221 2.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

 

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

Rank Company/group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $354,367 27.8%
2 Farmers Insurance Group of Companies 226,966 17.8
3 Liberty Mutual 92,553 7.3
4 Allstate Corp. 80,074 6.3
5 USAA Insurance Group 77,431 6.1
6 OK Farm Bureau Mutual Insurance Co. 48,994 3.8
7 Shelter Mutual Insurance Co. 42,779 3.4
8 AAA Northern CA NV & Utah Insurance 38,739 3.0
9 Travelers Companies Inc. 33,271 2.6
10 Hartford Financial Services 27,286 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

 

 

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

Rank Company/group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $485,486 23.1%
2 Farmers Insurance Group of Companies 312,254 14.8
3 Allstate Corp. 149,470 7.1
4 Progressive Corp. 145,173 6.9
5 USAA Insurance Group 121,829 5.8
6 OK Farm Bureau Mutual Insurance Co. 118,750 5.6
7 Liberty Mutual 115,075 5.5
8 Berkshire Hathaway Inc. 107,291 5.1
9 Shelter Mutual Insurance Co. 76,666 3.6
10 AAA Northern CA NV & Utah Insurance 54,596 2.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

 

 

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

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $374,496 9.8%
2 Jackson National Life Group 253,113 6.6
3 MetLife Inc. 243,929 6.4
4 Manulife Financial Corp. 171,814 4.5
5 Lincoln National Corp. 156,944 4.1
6 New York Life Insurance Group 144,285 3.8
7 Massachusetts Mutual Life Insurance Co. 137,323 3.6
8 Principal Financial Group Inc. 114,697 3.0
9 ING U.S., Inc. 97,818 2.6
10 American International Group 96,928 2.5

(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.

 

STATE BY STATE COMPARISON TABLES

DIRECTORIES

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