Insurance in Ohio
Insurance plays a role in nearly everything we do – from the homes we live in to our means of transportation and the businesses, organizations, and venues we interact with every day.
At its core, insurance is the financial safety net that protects our homes, automobiles, businesses, and loved ones. Ohioans also benefit from one of the most competitive marketplaces in the country, which keeps costs lower when compared to other states.
Ohio is home to more than 275 insurance companies, which are making substantial investments in the future of our state. Functioning as a major employer of more than 132,000 people with a wide variety of skillsets and backgrounds, Ohio’s insurance industry offers dynamic careers that strengthen our state’s communities and overall economy.
Economic Impact
Employment
Ohio is a national leader in insurance employment, ranking 7th in overall insurance employment and 2nd within the property and casualty insurance field. Year after year, Ohio’s insurance industry employment has remained consistently strong, reflecting the stability of the industry as a reliable economic driver in the Buckeye State.
Ohio’s insurance industry offers a wealth of career opportunities for employees, who are paid on average 50% higher than other private sector employees around the state.
Affordability
The robust competition among the many insurance companies operating in Ohio gives consumers a wide variety of choices and some of the lowest rates in the nation. Ohio’s top-rate insurance marketplace also provides businesses of all sizes with the right types of coverage that support economic growth, innovation, and prosperity throughout the state.
Advocating for a Safer and More Financially Secure Ohio
Taking on Distracted Driving: Ohio’s insurance industry has a long history of advocating for legislation that makes our roadways safer. The Ohio Insurance Institute and its member companies led efforts that ultimately resulted in lawmakers strengthening the state’s distracted driving laws in 2023. In the first year after the law took effect, there was a nearly 9% decrease in distracted driving in Ohio, which was estimated to help prevent 3,600 crashes, 2,000 injuries, 17 fatalities, and $144 million in economic damages.
Bolstering Financial Literacy Education: A quality insurance education not only helps to create responsible and informed consumers, but it also provides a foundation of understanding for a rewarding career within the industry. The Ohio Insurance Institute and its member companies partner with educators across the state to provide reliable resources to help students understand property and casualty insurance so they can make educated decisions about their finances and their future.