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Ohio and US Insurance Employment, Company And Premium Statistics

US facts

• At year-end 2003, the US insurance industry provided about 2.3 million jobs. This represents 2.1% of US employment. (US Bureau of Labor Statistics)

• 2004 estimates from the Property Casualty Insurers Association of America (PCI) show that 28 states (including Ohio) employ more than 25,000 in the insurance industry.

• PCI estimates that the insurance industry accounted for at least 2% of all economic activity in 28 states in 2001, including Ohio. Ohio’s insurance industry represented 2.5% of the state’s economic activity.

• According to the Insurance Information Institute (III) insurance companies, including life/health and property/casualty companies, paid $12.5 billion in premium taxes to the 50 states in 2003. On a per capita basis, this equates to $43.17 per US resident.

• The estimated 2004 payroll of the US insurance industry was $129 billion. (PCI)

• US insurance premiums totaled $1,055.5 billion in 2003, up 4.9% from $1,006 billion in 2002. Premiums in the property/casualty sector totaled $574.6 billion, while life/health premiums totaled $480.9 billion. (III)

• There were 40,000 independent insurance agencies in 2002, according to the Independent Insurance Agents and Brokers of America (IIABA). The total fell from 42,000 in 2000 and 44,000 in 1996.

• According to the National Association of Insurance Commissioners (NAIC), there were 3,330 property/casualty companies in the United States in 2002, compared with 3,188 in 2001. Many are part of larger organizations.

Ohio facts

• Ohio is a leading insurance state with 277 insurance companies domiciled in the state (Ohio Department of Insurance-ODI as of 5/05).

• Ohio ranks seventh in the US based on the number of property/casualty insurance companies domiciled within the state in 2003 with 134. (NAIC)

• There are 1,693 insurance companies licensed to conduct business in the Buckeye state. Of these, 974 write predominantly property/casualty lines and 568 write life insurance. (ODI, as of 5/05)

• 105,800 were employed by Ohio’s insurance industry in 2004. This is a 25% increase in the past 10 years (compared to 1995 employment estimates of 84,608). This does not include those who operate single-person businesses serving the insurance industry or self-employed agents.

• Ohio’s insurance industry represents nearly 2% of the state’s employment for 2004. (Ohio Bureau of Employment Services, Labor Market Information Division)

• 2004 wages for Ohio insurance industry employees are estimated at nearly $5.1 billion. (Ohio Department of Job and Family Services, Bureau of Labor Market Information)

• Ohio’s estimated payroll for 2004 is $5.3 billion, which is the ninth highest in the US. (PCI)

• Ohio’s insurance employment equates to nearly 4.7% of the nation’s 2004 insurance industry employment. (Ohio Bureau of Employment Services, Labor Market Information Division and III)

• According to the Ohio Department of Job and Family Services, the Columbus MSA (Franklin, Delaware, Fairfield, Licking, Madison, Morrow, Pickaway and Union counties) has the highest number of insurance employees in the state (not including one-person business operations), with a 2004 estimate of 28,100, or about 3.1% of the area’s employment. This is up slightly from 2003 figure of 29,200. The Cleveland-Elyria-Mentor MSA (Cuyahoga, Geauga, Lake, Lorain and Medina counties) is second with 25,200 (compared to 2003 estimates of 24,900), which is about 2.4% of the MSA’s 2004 employment. Cincinnati-Middletown MSA (Brown, Butler, Clermont, Hamilton and Warren counties) is third with 23,000 (compared to 2003 estimates of 23,500), which represents 2.3% of area’s total employment for 2004. MSA = Metropolitan Statistical Area

• There are 80,633 resident agents in Ohio and 114,998 non-resident. (ODI, as of 6/05)

• In 2004, insurance companies paid over $420.5 million in insurance taxes and fees to the state treasury. That’s a contribution to the state treasury of over $1.15 million a day.

Ohio’s 2004 insurance industry payroll estimated at nearly $5.3 billion is the ninth largest in the US. (Property Casualty Insurers Association of America)