Ohio And US Insurance Employee, Company And Premium Facts
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- Nationally the insurance industry provided over 2.3 million jobs with US premiums totaling $636.8 billion at year-end 1998. This is an 8% increase over 1997 US premiums which totaled $589 billion. The US property/casualty (P/C) insurance industry had 1998 premiums totaling $281.5 billion. (Insurance Information Institute-III)
- According to the Alliance of American Insurers (AAI), 28 states (including Ohio) employ more than 25,000 in the insurance industry.
- Over the last 10 years, employment in the insurance industry (all sectors) averaged 1.8% of total US employment. (Insurance Information Institute)
- The number of employees working directly for insurance companies (P/C, life, health and other) in 1998 was 1,598,000. (US Bureau of Labor Statistics-BLS)
- Estimates show that the insurance industry accounts for at least 2% of all economic activity in 26 states. (US Bureau of Economic Analysis and AAI)
- For every 2 people employed by an insurance company in the US in 1998, there was a person indirectly employed by the insurance industry. These include investment advisors, accountants, computer programmers, lawyers and medical professionals. (BLS)
- Insurance companies paid $9.2 billion in premium taxes across the US in 1998, which is about 1.9% of all taxes collected by the states. This equates to about $34 per US citizen. (III)
- As of December, 1998, Ohio was headquarters to 125 P/C insurers, including 3 Casualty HMO insurance companies, the Ohio FAIR Plan and the Ohio Auto Plan. The Buckeye state ranks 10th in the US based on the number of P/C insurance companies domiciled within a state. (BLS and Ohio Department of Insurance)
- There are 1,783 insurance companies licensed to conduct business in the Buckeye state. 921 write predominantly property/casualty lines, and 628 write life insurance. (Ohio Department of Insurance, as of 12/98)
- About 95,880 are employed in Ohio's insurance industry based on 1998 figures. This is a 9.5% increase over 1996 employment estimates of 87,520. This does not include those who operate single-person businesses who serve the insurance industry or self-employed agents. This equates to about 4.1% of the nation's insurance industry employment. (Ohio Bureau of Employment Services, Labor Market Information Division and III)
- According to the Ohio Bureau of Employment Services, Franklin County has the highest number of insurance employees in the state (not including one-person business operations), with a 1998 estimate of 25,008, up from 1997 totals of 23,475. Cuyahoga County is second with 18,133 (compared to 1997 estimates of 17,373), and Hamilton is third with 14,042 (down from 1997 estimates of 14,353).
- There are about 75,000 licensed agents in the state. (ODI, as of 12/98)
- 1998 wages for Ohio insurance employees are estimated at nearly $3.9 billion. (Ohio Bureau of Employment Services, Labor Market Information Division)
- In 1998, insurance companies paid over $348 million in insurance taxes and fees to the state treasury. That's nearly $953,000 a day.
