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 200 insurance companies based in Ohio, jobs and financial security are provided to a workforce of 109,000+ Ohioans and growing. 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.
- The insurance industry is a large state employer with more than 109,000 employees and wages of more than $8 billion.
- More than one third (40%) of the state’s insurance industry employment is in the property/casualty insurance field.
- Ohio has 71,405 licensed resident insurance agents with an additional 158,935 licensed non-resident agents.
- Ohio ranks 7th in the U.S. in insurance industry employment.
- Between 2016 and 2024, Ohio’s insurance industry will require approximately 29,000 new employees.
- The average annual salary for an Ohioan working in insurance in 2018 was $77,913 – that’s 56% higher than Ohio’s average private sector annual salary of $49,988.
- Ohio ranks 6th in the U.S. for property/casualty insurance companies headquartered in the state.
Property and Financial Security
Insurance enables Ohioans to make long-term commitments and secure a better future. In 2018, insurance played a role in the following: