Ohio Insurers by Classification

According to the Ohio Department of Insurance, 1,748 insurance companies market insurance products within the state, 45 less than reported in the 2002 edition of Ohio Insurance Facts. There are three types of insurance company classifications:

• Domestic (Ohio)—referring to an insurance company having its home office within the state
• Foreign—referring to an insurance company whose home office is located elsewhere in the US.
• Alien—referring to an insurance company domiciled outside the US.

Ohio has one of the most competitive environments for conducting insurance business, which benefits the consumer. There are 277 insurance companies domiciled in Ohio. Click here for a complete list of the state’s domiciled P/C companies.

This chart provides a look at the number of insurance companies by type licensed in the state as of March 2004.

Source: Ohio Department of Insurance, as of 3/04

Special notes regarding chart: There have been changes in ODI classifications of insurance companies since previous published lists. “Accident Assessment” companies are now known as “Mutual Protective Associations—Life & Health” and are regulated under Ohio Revised Code (ORC) Section 3919. “Fire Assessment” companies are now known as “Mutual Protective Associations—Property” and are regulated under Ohio Revised Code Section 3939. “Fraternals,” also known as “Fraternal Benefit Societies,” are regulated under Ohio Revised Code Section 3921. Examples of licensed fraternal organizations include the Alliance of Poles of America, Serb National Federation, Catholic Knights of Columbus and the Lutheran Brotherhood. The “Health Insuring Corporation” category includes all HMOs other than those considered Casualty/HMOs. “Casualty/HMOs” are now listed under “Property & Casualty.” This includes prepaid dental plans, dental care plans and health care corporations. These are regulated under Ohio Revised Code Section 1751. “MEWAs” are also known as “Multiple Employer Welfare Arrangements.” They are employee benefit programs, usually focusing on health benefits. These are regulated under ORC Section 3924.

According to a survey by Michael White Associates, only slightly more than 50% of US banks recorded insurance fee income in 2002. (American Banker, 10/08/03)