Ohio And US Insurance Employment, Company And Premium Facts

Ohio And US Insurance Employment,
Company And Premium Facts

	Site Map
	Preface
	Chapter 1
	Chapter 2
	Chapter 3
	Chapter 4
	Chapter 5
	Chapter 6
	Chapter 7
-	Top 10 P/C Companies by 1999 Premium Volume for Selected Lines
-	Ohio Insurers by Classification
-	Domestic P/C Insurance Companies in Ohio
-	Ohio and US Insurance Employment Statistics
	Ohio and US Insurance Employment/Company /Premium Facts
-	Ohio Insurance Guaranty Association
-	1999–2000 Insurance Company Insolvencies by State
-	Ohio Department of Insurance Contacts
-	Ohio Insurance Trade Association Media Contacts
-	National Insurance Trade Association Media Contracts
-	National Insurance Regulatory Contracts
-	Phone Directory of Insurance, Regulatory and Safety-Related Organizations
-	Selected Insurance, Regulatory and Safety-Related Organization Websites
-	OII Website Guide: www.ohioinsurance. org
-	Insurance Rating Services
	Glossary
	OII Sound-Off Page

US facts

2000, the insurance industry provided over 2.5 million jobs in the US with wages totaling an estimated $100 billion. (Alliance of American Insurers–AAI)
According to AAI, 28 states (including Ohio) employ more than 25,000 in the insurance industry.
Between 1990–1999, employment within insurance companies grew at an annual rate of 1.2%. (AAI)
The estimated number of employees working for insurance companies (P/C, life and health) in 2000 was 1,683,033. (US Bureau of Economic Analysis and AAI)
Estimates show that the insurance industry accounted for at least 2% of all economic activity in 33 states in 1998. In Ohio it accounted for 2.4%. (US Bureau of Economic Analysis and AAI)
State premium taxes incurred by US insurers in 1998 totaled $9.2 billion, which is about 1.9% of all taxes collected by the states. This equates to about $34 per US citizen. (III and AAI)
P/C insurers paid an estimated $6.7 billion in federal taxes in 1999. (AAI)

Ohio facts

As of November, 2000, Ohio was headquarters to 134 P/C insurers. The Buckeye state ranks 10th in the US based on the number of P/C insurance companies domiciled within a state. (Ohio Department of Insurance–ODI)
There are 1,792 insurance companies licensed to conduct business in the Buckeye state. 952 write predominantly property/casualty lines, and 609 write life insurance. (Ohio Department of Insurance, as of 11/00)
About 98,955 are employed in Ohio’s insurance industry based on 1999 figures. This is a 13% 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. Ohio’s insurance employment equates to 4% of the nation’s insurance industry employment. (Ohio Bureau of Employment Services, Labor Market Information Division and AAI)
According to the Ohio Department of Job and Family Services, Franklin County has the highest number of insurance employees in the state (not including one-person business operations), with a 1999 estimate of 26,300, up from 1998 totals of 25,008. Cuyahoga County is second with 19,284 (compared to 1998 estimates of 18,133), and Hamilton is third with 13,385 (compared to 1998 estimates of 14,042). Summit and Butler counties round out the top five Ohio counties based on insurance employment.
There are about 81,430 licensed agents in the state. (ODI, as of 8/00)
1999 wages for Ohio insurance employees are estimated at nearly $4.1 billion. (Ohio Department of Job and Family Services, Bureau of Labor Market Information)
In 1999, insurance companies paid nearly $355 million in insurance taxes and fees to the state treasury. That’s nearly $972,300 a day.
On a per capita basis, Ohio insurers paid $31 per Ohio resident in 1998 premium taxes.

According to A.M. Best, about 1,100 P/C insurance groups operate in the US, with 13% of them controlling nearly 90% of the market premium.