A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The Ohio Economy

The insurance industry in Ohio 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.

Employment

U.S. Department of Commerce data show the insurance industry provided 143,254 jobs in Ohio in 2017. The Ohio insurance industry accounted for about $11.2 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $26.7 billion to the Ohio gross state product (GSP) in 2016, accounting for 4.30 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Ohio totaled $629.7 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Ohio totaled $16.5 billion in 2017. Premiums written by life/annuity insurance companies totaled $33.1 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 Ohio surplus lines market accounted for $747.8 million in gross premiums written in 2016, 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 2017 these payments in Ohio as measured by direct property/casualty incurred losses, were $8.3 billion. Life insurance claims and benefits payouts in Ohio totaled $20.0 billion in 2017.

Catastrophes

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. Ohio suffered damage from eight of the fifteen most severe winter storms in the United States.

Leading Writers

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

Top 10 Writers Of Commercial Insurance In Ohio By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 The Cincinnati Insurance Cos. $492,010 7.2%
2 Liberty Mutual 389,357 5.7
3 Travelers 347,679 5.1
4 Chubb 345,635 5.1
5 CNA 269,878 3.9
6 American International Group (AIG) 268,714 3.9
7 Westfield Insurance 255,772 3.7
8 Zurich 244,802 3.6
9 Nationwide 216,865 3.2
10 Berkshire Hathaway Inc. 148,945 2.2

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Homeowners Insurance In Ohio By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $620,767 20.9%
2 Allstate Corp. 323,595 10.9
3 Liberty Mutual 256,707 8.6
4 Nationwide Mutual Group 216,363 7.3
5 Grange Insurance Association 167,562 5.6
6 Erie Insurance Group 160,059 5.4
7 Westfield Group 116,772 3.9
8 USAA Insurance Group 110,056 3.7
9 The Cincinnati Insurance Cos.  108,274 3.6
10 American Family Insurance Group 99,737 3.4

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Life Insurance/Annuities In Ohio By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Western & Southern Financial  $12,916,744 38.3%
2 Nationwide Mutual Group  2,490,210 7.4
3 Prudential Financial Inc.  1,107,294 3.3
4 Principal Financial Group Inc.  1,043,897 3.1
5 Lincoln National Corp.  1,021,600 3.0
6 Massachusetts Mutual Life Insurance Co.  836,932 2.5
7 Jackson National Life Group  741,678 2.2
8 Voya Financial Inc.  738,265 2.2
9 American International Group (AIG) 689,514 2.1
10 MetLife Inc.  680,495 2.0

(1) Includes life insurance, accident and health insurance, annuity considerations, deposit-type contract funds and other considerations. Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence.

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Top 10 Writers Of Private Passenger Auto Insurance In Ohio By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $1,294,740 18.7%
2 Progressive 1,023,997 14.8
3 Allstate Corp. 723,795 10.4
4 Berkshire Hathaway Inc. 525,101 7.6
5 Nationwide Mutual Group 500,184 7.2
6 Grange Insurance Association. 346,917 5.0
7 Liberty Mutual 316,358 4.6
8 Erie Insurance Group 249,225 3.6
9 USAA Insurance Group 208,882 3.0
10 American Family Insurance Group 184,237 2.7

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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State By State Comparison Tables

Directories

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