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.

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 31,497 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.

Taxes

Premium taxes paid by insurance companies in Oklahoma totaled $326.0 million in 2015.

Premiums

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).

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 $380.4 million in gross premiums written in 2015, 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 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.

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. In 2016 Oklahoma suffered devastating wildfires which burned 767,780 acres, ranking the state first in the nation by number of acres burned.  The state is also vulnerable to hailstorms and tornadoes. In 2016 the state was fifth in the nation for the number of tornadoes which totaled 55.

Leading Writers

Top 10 Writers Of Commercial Insurance In Oklahoma By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 CompSource Mutual Insurance Co. $269,431 7.5%
2 Travelers Companies Inc. 252,134 7.0
3 Zurich Insurance Group (2) 180,813 5.0
4 American International Group (AIG) 173,272 4.8
5 Chubb Ltd. (3) 166,111 4.6
6 Liberty Mutual 157,805 4.4
7 CNA Financial Corp. 156,490 4.4
8 Berkshire Hathaway Inc. 129,738 3.6
9 American Financial Group Inc. 102,437 2.9
10 Hartford Financial Services 101,470 2.8

(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 S&P Global Market Intelligence.
(3) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

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, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $452,155 28.3%
2 Farmers Insurance Group of Companies (2) 272,074 17.1
3 Liberty Mutual 157,489 9.9
4 Allstate Corp.  105,674 6.6
5 USAA Insurance Group 102,726 6.4
6 CSAA Insurance Exchange 83,610 5.2
7 Shelter Mutual Insurance Co. 47,651 3.0
8 OK Farm Bureau Mutual Insurance Co. 43,548 2.7
9 Amer Farmers & Ranchers Mutual 31,352 2.0
10 Travelers Companies Inc. 30,660 1.9

(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 S&P Global Market Intelligence.

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

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Top 10 Writers Of Life Insurance And Annuity Considerations In Oklahoma, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Massachusetts Mutual Life Insurance Co.   $279,312 6.6%
2 Lincoln National Corp.   213,198 5.0
3 New York Life Insurance Group   207,534 4.9
4 Principal Financial Group Inc.   207,321 4.9
5 Jackson National Life Group   177,023 4.2
6 Manulife Financial Corp.   176,469 4.2
7 Voya Financial Inc.   175,664 4.2
8 MetLife Inc.   170,233 4.0
9 Prudential Financial Inc.   165,133 3.9
10 American International Group (AIG)   138,837 3.3

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

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

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Top 10 Writers Of Private Passenger Auto Insurance In Oklahoma By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $602,418 25.0%
2 Farmers Insurance Group of Companies (2) 295,363 12.2
3 Allstate Corp.  182,010 7.5
4 Progressive Corp. 180,581 7.5
5 Liberty Mutual 161,200 6.7
6 USAA Insurance Group 146,003 6.1
7 Berkshire Hathaway Inc. 138,471 5.7
8 OK Farm Bureau Mutual Insurance Co. 107,968 4.5
9 CSAA Insurance Exchange 93,739 3.9
10 Shelter Mutual Insurance Co. 83,315 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 S&P Global Market Intelligence.

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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