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 31,497 jobs in Oklahoma in 2015. The Oklahoma insurance industry accounted for about $1.7 billion in compensation in 2015.
GROSS STATE PRODUCT
The insurance industry contributed $2.9 billion to the Oklahoma gross state product (GSP) in 2014, accounting for 1.54 percent of the state GSP.
Premium taxes paid by insurance companies in Oklahoma totaled $326.0 million in 2015.
Direct premiums written by property/casualty insurance companies in Oklahoma totaled $7.8 billion in 2015. In addition, premiums written by life/health insurance companies totaled $5.8 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).
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 $380.4 million in gross premiums written in 2015, according to a survey by Business Insurance.
Insurance company claims payments help ensure the economic security of individuals and businesses and help sustain a number of related industries. In 2015 these payments in Oklahoma as measured by direct property/casualty incurred losses, were $4.5 billion. Life insurance claims and benefits payouts in Oklahoma totaled $3.9 billion in 2015, 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.
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. In 2015 Oklahoma ranked fourth by number of hailstorms with 349 events.
Top 10 Writers Of Commercial Insurance In Oklahoma By Direct Premiums Written, 2015 (1)
Top 10 Writers Of Homeowners Insurance In Oklahoma By Direct Premiums Written, 2015 (1)
Top 10 Writers Of Life Insurance And Annuity Considerations In Oklahoma, 2015 (1)
Top 10 Writers Of Private Passenger Auto Insurance In Oklahoma By Direct Premiums Written, 2015 (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