Trade Group: Insurance Industry Adds $1.2M Daily to Ohio Treasury

August 28, 2009

The insurance industry is a key player in Ohio’s economy, according to the Ohio Insurance Institute (OII). With 261 insurance companies located there, Ohio is a top state for industry employment with close to a $6 billion payroll, according to a new report released by the OII.

The insurance industry contributes more than $1.2 million daily to the state treasury and employs more than 99,000 people, not including self employed persons who provide services to the insurance industry.

The state has more than 86,000 licensed resident insurance agents and an additional 186,516 non residents agents licensed by the Ohio Department of Insurance. More than one third of insurance industry employment is in the property casualty field.

The OII says Ohio, with nearly $55.4 billion in written premium, ranks 8th in the nation in terms of premium volume compared to the rest of the states and Washington, D.C.

The full report may be viewed online at http://www.ohioinsurance.org/consumers/pdfs/insurance_brochure_2009.pdf

Source: Ohio Insurance Institute

Topics Market Ohio

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