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 31,030 jobs in Oklahoma in 2014. The Oklahoma insurance industry accounted for about $1.6 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $2.70 billion to the Oklahoma gross state product (GSP) in 2013, accounting for 1.53 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Oklahoma totaled $294.8 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Oklahoma totaled $7.7 billion in 2014. In addition, premiums written by life/health insurance companies totaled $5.4 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 $379.0 million in gross premiums written in 2014, 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 2014 these payments in Oklahoma as measured by direct property/casualty incurred losses, were $3.8 billion. Life insurance claims and benefits payouts in Oklahoma totaled $4.0 billion in 2014, on a direct basis before reinsurance, and 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 INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 CompSource Mutual Insurance Co. $306,439 8.4%
2 Travelers Companies Inc.  249,116 6.8
3 American International Group (AIG)  187,883 5.1
4 Liberty Mutual  172,066 4.7
5 Zurich Insurance Group  163,255 4.5
6 CNA Financial Corp.  144,875 4.0
7 Berkshire Hathaway Inc.  124,873 3.4
8 Chubb Corp.  99,491 2.7
9 Hartford Financial Services  98,636 2.7
10 American Financial Group 97,824 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

View Archived Tables

 

 

LEADING WRITERS OF HOMEOWNERS INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $426,452 28.0%
2 Farmers Insurance Group of Companies (2) 264,665 17.4
3 Liberty Mutual  140,165 9.2
4 USAA Insurance Group  95,674 6.3
5 Allstate Corp.  95,314 6.3
6 CSAA Insurance Exchange  70,204 4.6
7 Shelter Mutual Insurance Co.  48,531 3.2
8 Oklahoma Farm Bureau Mutual Insurance Co.  45,577 3.0
9 Travelers Companies Inc.  35,692 2.3
10 American Farmers & Ranchers Mutual 30,668 2.0

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by SNL Financial.

Source: SNL Financial LC.

View Archived Tables

 

 

LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN OKLAHOMA, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Jackson National Life Group $193,557 5.0%
2 Massachusetts Mutual Life Ins. Co. 177,305 4.6
3 MetLife Inc. 174,409 4.6
4 Lincoln National Corp. 172,515 4.5
5 New York Life Insurance Group 171,080 4.5
6 Prudential Financial Inc. 150,844 3.9
7 Manulife Financial Corp. 150,384 3.9
8 Principal Financial Group Inc. 148,344 3.9
9 American International Group (AIG) 147,481 3.8
10 Allianz Group 130,301 3.4

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

Source: SNL Financial LC.

View Archived Tables

 

 

LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN OKLAHOMA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $565,097 24.4%
2 Farmers Insurance Group of Companies (2) 298,736 12.9
3 Progressive Corp. 168,232 7.3
4 Allstate Corp. 166,981 7.2
5 Liberty Mutual 150,080 6.5
6 USAA Insurance Group 138,340 6.0
7 Berkshire Hathaway Inc. 131,924 5.7
8 Oklahoma Farm Bureau Mutual Insurance Co. 111,942 4.8
9 CSAA Insurance Exchange 80,578 3.5
10 Shelter Mutual Insurance Co. 79,854 3.5

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by SNL Financial.

Source: SNL Financial LC.

View Archived Tables

STATE BY STATE COMPARISON TABLES

DIRECTORIES

CREATE YOUR OWN BOOK

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Oklahoma data only