Insurance in Ohio
The size and importance of Ohio’s insurance industry can be measured in several ways — but any way you look at it, the Ohio insurance industry is a key economic driver of the state’s economy. With more than 275 insurance companies based in Ohio, jobs and financial security are provided to a workforce of more than 115,000 Ohioans and growing.
Quantifying the Insurance Industry's Economic Impact
- In 2022, Ohio's insurance companies paid more than $670 million in premium taxes, which is the 15th highest in the country.
- Insurance is Ohio’s 6th largest industry with $30 billion in gross domestic product.
- The insurance industry provides the 7th largest payroll in the state at $10.4 billion and creates an additional $4.6 billion in payroll in other industries.
- The insurance industry is the 10th largest state employer with more than 115,000 employees.
- More than one third (35%) of the state’s insurance industry employment is in the property/casualty insurance field.
- Ohio has 71,349 licensed resident insurance agents with an additional 249,750 licensed non-resident agents.
- Ohio ranks 7th in the U.S. in insurance industry employment and 2nd in the U.S. for property/casualty insurance employment.
- The average annual salary for an Ohioan working in insurance in 2022 was $90,308 – that’s about 50% higher than Ohio’s average private sector annual salary of $60,642.
The robust competition among the numerous insurance companies operating in the Buckeye state gives Ohio consumers many choices and some of the lowest rates in the nation. The competitive insurance marketplace in Ohio provides businesses, both large and small, with the right types of coverage that support economic growth, innovation and prosperity throughout the state.
Property and Financial Security
Insurance enables Ohioans to make long-term commitments and secure a better future. In 2022, insurance played a role in the following: