Ohio’s Insurance Industry is in High Growth Mode

Every August OII updates Insurance Industry in Ohio, its snapshot of Ohio’s insurance industry. While conducting this year’s research, we uncovered key indicators of a burgeoning insurance industry right outside our door.

Growing impact of insurance

From job growth and employment opportunities to its impact on Ohio’s bottom line, here’s a sampling of what we found:

    • Employment: Between 2014 and 2015, Ohio’s insurance industry added about 4,000 jobs. In fact, 2015’s employment estimate of 104,121 is the state’s highest in nine years.
    • Ohio’s average insurance salary: Ohio’s average insurance salary in 2014 of $70,088 is well above Ohio’s average private sector salary of $45,486 – 35% higher.

  • Ohio taxes: Insurers will pay a record $596.23 million in taxes in 2016–that’s more than $1.63 million a day!
  • Auto insurance: Ohioans pay 22% less for auto insurance than the US average. Our average premium is 12th lowest in the country, $659 compared to the US average of $841.
  • Homeowners insurance: Ohio’s average homeowners insurance premium is 30% below the national average, making it 9th lowest in the country. Ohio’s average homeowners premium is $763. The US average is $1,096.

More facts about Ohio’s expanding insurance industry

Our research also uncovered that Ohio’s insurance industry has more to offer than space allowed.

Eight facts not included in the 2016 edition:

Additional resources

For those working in Ohio’s insurance industry, be proud! Check out these resources on our positive impact in Ohio:

Posted: September 1, 2016