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:
- The US Census Bureau reports that Ohio health and medical insurance employment grew 21% between 2003-2013 (13,759 to 16,704). (LifeHealthPro | @LifeHeathPro)
- Rental costs in Toledo, Akron, Cleveland, Cincinnati and Columbus are some of the lowest in the US. (Zumper National | @Zumper)
- Insurance is Ohio’s 14th highest-paid industry based on average weekly wages. (Ohio Office of Workforce Development, Bureau of Labor Market Information)
- Keeping your vehicle in tip-top shape is affordable in Ohio, with an average auto repair cost (parts & labor) that’s third lowest in the country. Auto repair is one of the factors affecting auto insurance premiums. (CarMD | @CarMD)
- Shopping for a starter home? Three Ohio cities made Trulia’s (@trulia) top 10 list of cities for lowest median price per square foot. Those cities are Toledo, Dayton and Cleveland.
- A 5% jump in employment in home health care services is projected between 2012-2022, equating to 26,600 jobs. (2022 Ohio Job Outlook report, Ohio Department of Job and Family Services | @OhioJFS)
- The US average auto insurance premium in 2016 is $1,323 according to The Zebra (@TheZebraCo). Ohio has the lowest annual premium in the country, estimated at $764.
For those working in Ohio’s insurance industry, be proud! Check out these resources on our positive impact in Ohio:
- OII’s complete list of resources on Ohio’s insurance industry
- Insurance in Ohio, 2016 edition
- Ohio Insurance Careers
Posted: September 1, 2016