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Ohio Insurers By Classification

According to the Ohio Department of Insurance (ODI), 1,693 insurance companies market insurance products in the state, the same as reported in 2005.

There are three types of insurance company classifications:

• Domestic (Ohio)—referring to an insurance company having its home office within the state.
• Foreign—referring to an insurance company whose home office is located elsewhere in the US.
• Alien—referring to an insurance company domiciled outside the US.

Ohio has one of the most competitive environments for conducting insurance business, which benefits the consumer. There are 277 insurance companies domiciled in Ohio. Click here for a complete list of the state’s domiciled P/C companies.

This chart provides a look at the number of insurance companies by type licensed in the state as of May 31, 2006.

Source:  Ohio Department of Insurance, as of 5/31/06

Special notes regarding chart: There have been changes in ODI classifications of insurance companies since previous published lists. “Accident Assessment” companies are now known as “Mutual Protective Associations—Life & Health” and are regulated under Ohio Revised Code (ORC) Section 3919. “Fire Assessment” companies are now known as “Mutual Protective Associations—Property” and are regulated under Ohio Revised Code Section 3939. “Fraternals,” also known as “Fraternal Benefit Societies,” are regulated under Ohio Revised Code Section 3921. Examples of licensed fraternal organizations include the Catholic Knights of Columbus and the Lutheran Brotherhood. The “Health Insuring Corporation” category includes all HMOs other than those considered “Casualty/HMOs”. “Casualty/HMOs” are now listed under “Property & Casualty.” This includes prepaid dental plans, dental care plans and health care corporations. These are regulated under Ohio Revised Code Section 1751. “MEWAs” are also known as “Multiple Employer Welfare Arrangements.” They are employee benefit programs, usually focusing on health benefits. These are regulated under ORC Section 1739.

Insurance industry mergers and acquisitions (M&A) increased in 2005 to the highest level since 2001. M&A transactions in 2005 increased to 324, and total values of these transactions grew to $50.8 billion.  (Conning Research and Consulting, 5/15/06)