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.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Oklahoma totaled $7.4 billion in 2013. In addition, premiums written by life/health insurance companies totaled $5.3 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 Oklahoma surplus lines market accounted for $282.5 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 2013 these payments in Oklahoma as measured by direct property/casualty incurred losses, were $6.2 billion. Life insurance claims and benefits payouts in Oklahoma totaled $3.6 billion in 2013. 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.

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL PROPERTY/CASUALTY INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 CompSource Oklahoma $310,065 8.5%
2 Travelers Companies Inc. 266,327 7.3
3 American International Group 196,151 5.4
4 Liberty Mutual 183,609 5.0
5 Zurich Insurance Group 171,700 4.7
6 CNA Financial Corp. 143,167 3.9
7 Hartford Financial Services 106,478 2.9
8 Chubb Corp. 98,325 2.7
9 American Financial Group Inc. 93,960 2.6
10 Old Republic International Corp. 83,095 2.3

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $395,621 27.9%
2 Farmers Insurance Group of Cos. 252,373 17.8
3 Liberty Mutual 118,708 8.4
4 USAA Insurance Group 88,300 6.2
5 Allstate Corp. 88,096 6.2
6 CSAA Insurance Exchange 52,355 3.7
7 Oklahoma Farm Bureau Mutual Insurance Co. 47,027 3.3
8 Shelter Mutual Insurance Co. 46,122 3.3
9 Travelers Companies Inc. 33,655 2.4
10 American Farmers & Ranchers Mutual 28,996 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln National Corp. $218,996 5.9%
2 Jackson National Life Group 218,527 5.9
3 MetLife Inc. 186,338 5.0
4 Massachusetts Mutual Life Insurance Co. 180,328 4.8
5 New York Life Insurance Group 157,886 4.2
6 Prudential Financial Inc. 155,084 4.2
7 Manulife Financial Corp. 143,046 3.8
8 Voya Financial Inc. 132,241 3.6
9 Principal Financial Group Inc. 125,422 3.4
10 American International Group 116,816 3.1

(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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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $513,732 23.4%
2 Farmers Insurance Group of Cos. 305,571 13.9
3 Progressive Corp. 155,091 7.1
4 Allstate Corp. 152,997 7.0
5 Liberty Mutual 137,232 6.3
6 USAA Insurance Group 130,913 6.0
7 Berkshire Hathaway Inc. 122,502 5.6
8 Oklahoma Farm Bureau Mutual Insurance Co. 115,862 5.3
9 Shelter Mutual Insurance Co. 76,899 3.5
10 CSAA Insurance Exchange 67,267 3.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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