A Firm Foundation: How Insurance Supports the Economy

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.

Employment

U.S. Department of Commerce data show the insurance industry provided 32,533 jobs in Oklahoma in 2018. The Oklahoma insurance industry accounted for about $1.9 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $3.6 billion to the Oklahoma gross state product (GSP) in 2017, accounting for 1.91 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Oklahoma totaled $336.4 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Oklahoma totaled $7.9 billion in 2019. Premiums written by life/annuity insurance companies totaled $6.1 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 Oklahoma surplus lines market accounted for $577.5 million in gross premiums written in 2018, 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 2019 these payments in Oklahoma as measured by direct property/casualty incurred losses, were $4.6 billion. Life insurance claims and benefits payouts in Oklahoma totaled $4.4 billion in 2019.

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. The state is vulnerable to hailstorms, wildfires and tornadoes. In 2019 Oklahoma ranked fourth in the nation for the number of tornadoes which totaled 99.

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 Oklahoma By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $260,110 6.9%
2 CompSource Mutual Insurance Co. 194,174 5.1
3 CNA 189,837 5.0
4 Chubb 181,032 4.8
5 Zurich 175,012 4.6
6 Liberty Mutual 166,699 4.4
7 American International Group (AIG) 137,616 3.6
8 Berkshire Hathaway Inc. 129,319 3.4
9 Hartford Financial Services 101,020 2.7
10 Tokio Marine Group 90,635 2.4

(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 Homeowners Insurance In Oklahoma By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $492,909 28.0%
2 Farmers Insurance Group 294,464 16.7
3 Liberty Mutual 152,156 8.6
4 Allstate Corp. 145,221 8.2
5 USAA Insurance Group 141,145 8.0
6 CSAA Insurance Exchange 76,885 4.4
7 Progressive 46,757 2.7
8 Oklahoma Farm Bureau Mutual Insurance Co. 40,712 2.3
9 Shelter Insurance 40,556 2.3
10 American Farmers & Ranchers 34,218 1.9

(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 Oklahoma By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MassMutual   $231,116 5.3%
2 Lincoln Financial   224,604 5.2
3 Prudential Financial Inc.   208,231 4.8
4 New York Life   201,442 4.7
5 Principal Financial Group Inc.   190,609 4.4
6 Athene   171,623 4.0
7 John Hancock   166,976 3.9
8 Jackson   163,589 3.8
9 Nationwide   126,415 2.9
10 Securian   124,208 2.9

(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 Oklahoma By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $663,648 22.5%
2 Progressive 294,309 12.6
3 Farmers Insurance 304,302 10.9
4 Berkshire Hathaway Inc. 213,328 8.2
5 Allstate Corp. 201,116 7.8
6 USAA 183,708 6.7
7 Liberty Mutual 173,023 5.4
8 Oklahoma Farm Bureau Insurance 106,328 3.7
9 Shelter Insurance 97,014 3.5
10 CSAA Insurance Exchange 91,817 2.8

(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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