E-MAIL THIS

PRINT THIS

Ohio And US Insurance Employment, Company And Premium Statistics

US facts

• At year-end 2005, the US insurance industry provided about 2.4 million jobs. This represents 2.1% of US employment. (US Bureau of Labor Statistics, from Insurance Information Institute-III)

• 2004 estimates from the Property Casualty Insurers Association of America (PCI) show that 28 states (including Ohio) employ more than 25,000 in the insurance industry.

• According to the Insurance Information Institute (III) insurance companies, including life/health and property/casualty companies, paid over $14.8 billion in premium taxes to the 50 states in 2005. On a per capita basis, this equates to $50 per US resident.

• Premium taxes paid by the US insurance industry accounted for 2.3% of all taxes collected by the states in 2005. (III)

• The estimated 2004 payroll of the US insurance industry was $129 billion. (PCI)

• US insurance premiums totaled $960.3 billion in 2004, up 5.6% from $909.7 billion in 2003. Premiums in the property/casualty sector totaled $429 billion in 2004.  Life/health premiums totaled $531.3 billion in 2004. (III)

• According to III, there were 2,749 property/casualty companies in the United States in 2003, compared with 3,330 in 2002. Many are part of larger organizations.

Ohio facts

• Ohio is a leading insurance state with 265 insurance companies domiciled in the state (Ohio Department of Insurance-ODI as of 5/31/06).

• Ohio ranked sixth in the US based on the number of property/casualty insurance companies domiciled within the state at year-end 2004 with 137. (National Association of Insurance Commissioners-NAIC, based on 2004 data)

• Ohio has more insurance companies vying for customers than all but two other states: Florida and Minnesota. (NAIC, based on 2004 data)

• Ohio ranks 7th highest in overall premium volume in comparison to all states and US protectorates. (NAIC, based on 2004 premium volume)

• There are 1,693 insurance companies licensed to conduct business in the Buckeye state. Of these, 961 write predominantly property/casualty lines and 542 write life insurance. (ODI, as of 5/31/06)

• 105,800 were employed by Ohio’s insurance industry in 2005. This is a 25% increase in the past 10 years (compared to 1995 employment estimates of 84,608). This does not include those who operate single-person businesses serving the insurance industry or self-employed agents.

• Ohio’s insurance industry represents nearly 2% of the state’s nonagricultural employment in 2005. (Ohio Bureau of Employment Services, Labor Market Information Division-OBES)

• 2005 wages for Ohio insurance industry employees are estimated at nearly $5.4 billion compared to $5.1 billion in 2004. (OBES)

• Ohio’s estimated payroll for 2004 is the ninth highest in the US, accounting for 3.9% of the US industry payroll. (PCI)

• Ohio’s insurance employment equates to nearly 4.7% of the nation’s 2005 insurance industry employment. (Ohio Bureau of Employment Services, Labor Market Information Division and III)

• According to the Ohio Department of Job and Family Services, the Columbus MSA (Franklin, Delaware, Fairfield, Licking, Madison, Morrow, Pickaway and Union counties) has the highest number of insurance employees in the state (not including one-person business operations), with a 2005 estimate of 28,800, or about 3.1% of the area’s employment. This is up slightly from 2004 figure of 28,100. The Cleveland-Elyria-Mentor MSA (Cuyahoga, Geauga, Lake, Lorain and Medina counties) is second with 24,900 (compared to 2004 estimates of 25,200), which is about 2.3% of the MSA’s 2005 employment. Cincinnati-Middletown MSA (Brown, Butler, Clermont, Hamilton and Warren counties) is third with 22,900 (compared to 2004 estimates of 23,000), which represents 2.2% of area’s total employment for 2005. Insurance employment for Akron MSA for 2005 is estimated at 4,985; Dayton’s is estimated at 3,659 and Toledo MSA averaged 3,404.

• There are 80,600 resident agents in Ohio and 132,100 non-residents. (ODI, as of 7/06)

• In 2005, insurance companies paid over $439 million in insurance taxes and fees to the state treasury. That’s a contribution to the state treasury of over $1.2 million a day.

NOTE: MSA = Metropolitan Statistical Area

Ohio ranks eighth in the country in the amount of state taxes paid by insurance companies in 2005. (Insurance Information Institute, from US Department of Commerce)