Ohio Insurance Industry Adding Jobs, More Expected, Trade Group Says
In terms of employment opportunities, the insurance industry in Ohio is growing at a robust pace, a state insurance industry trade group says.
In the 2016 edition of its “Insurance in Ohio” report, the Ohio Insurance Institute showed that the insurance industry gained some 4,000 jobs in 2015. The OII estimated that 104,121 people were employed in the industry in 2015, the highest employment rate in nine years.
And the pay is good. Insurance industry wages totaled nearly $7.5 billion in 2015. The average insurance salary in Ohio in 2014 was $70,088, 35 percent higher than the average private sector salary of $45,486. According to figures from the Ohio Department of Job and Family Services, Office of Workforce Development, Bureau of Labor Market Information, the average annual wage for Ohio insurance agents and brokers in 2014 was $57,684. The average salary at reinsurance carriers was $88,751 and the average salary in 2014 at property/casualty insurance carriers in Ohio was $83,515, the OII’s report shows.
Other Highlights
As of August 2016, the Ohio Department of Insurance reported that the state has 70,509 licensed resident insurance and 133,400 non-resident agents licensed. In the decade between 2012 and 2022, the sector that includes “insurance agencies, brokers and related” is projected have 15.4 percent increase in employment.
To prepare for the increased need for educated employees in the industry, 10 Ohio colleges and universities now offer insurance-related courses, certificates and/or degree programs.
Consumers enjoy lower auto and homeowners insurance rates in Ohio, compared with most other states. The average auto insurance premium in the state is $659 compared to the U.S. average of $841, while the average homeowners premium in Ohio — $763 — is 30 percent lower the national average of $1,096.
Ohio is home to 242 insurance companies. Insurers in the state will pay a record $596.23 million in taxes in 2016, according to the OII.