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 250 insurance companies based in Ohio, jobs and financial security are provided to a workforce of 120,000+ Ohioans and growing.
Quantifying the Insurance Industry's Economic Impact
A recent study commissioned by OII and the Association of Ohio Life Insurance Companies quantifies the significant impact of the insurance industry on Ohio's economy. The results of the study also highlight Ohio's leading role in the insurance industry.
- Ohio insurance companies paid $641 million in premium taxes
- Insurance is Ohio’s 5th largest industry with $31.9 billion in gross domestic product.
- Ohio’s insurance market ranks 6th largest in the country and 19th in the world by premium volume.
- The insurance industry provides the 7th largest payroll in the state at $9.7 billion, and creates an additional $4.6 billion in payroll in other industries.
- The insurance industry experienced growth in employment when other sectors were struggling to retain employees during the “Great Resignation.”
View the full report to learn more about the insurance industry's economic impact.
Employment
- The insurance industry is a large state employer with more than 120,000 employees.
- More than one third (40%) of the state’s insurance industry employment is in the property/casualty insurance field.
- Ohio has 70,586 licensed resident insurance agents with an additional 208,298 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 2020 was $86,100 – that’s 55% higher than Ohio’s average private sector annual salary of $55,378.
- The insurance industry average salary ranks 2nd highest salary in Ohio.
Affordability
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 2020, insurance played a role in the following: