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.
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.
Premium taxes paid by insurance companies in Oklahoma totaled $268.1 million in 2013.
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.
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)
LEADING WRITERS OF HOMEOWNERS INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2012 (1)
LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2012 (1)
LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2012 (1)
STATE BY STATE COMPARISON TABLES
- Surplus Lines
- Gross State Product
- State Taxes
- Insurance Companies By State
- Catastrophes By State
- Residual Markets
- Captives By State
- Incurred Losses By State
- Insured Cars By State
- Insured Homes By State
- Businesses By State