Risk free: Operators are expected to generate more investment income, boosting industry revenue

The Property, Casualty and Direct Insurance industry in Ohio plays a key role in the state's economy. Operators provide consumers and businesses with insurance products that protect them and their assets in the event of unexpected damages. Furthermore, insurance provided by industry operators is often times mandatory before consumers and businesses can legally operate an asset or as a legal business.The industry in Ohio has been in a price hardening cycle over the five years to 2018, which is characterized by rising premium prices. While rising premium prices makes insurance more expensive for consumers and businesses, per capita disposable income in Ohio increasing an annualized 1.7% over the five years to 2018 has helped partially offset rising costs...purchase to read more.

Industry Statistics & Market Size
Revenue
$17bn
Annual Growth 13-18
1.6%
Forecast Growth 18-23
Profit
Employment
48,119
Businesses
1,442

Industry Threats & Opportunities

  • Operators are expected to rotate into a price softening cycle, as characterized by intense price-based competition
  • Industry Report - Industry Key Buyers Chapter

    •The four largest operators in Ohio are expected to account for an estimated 31.8% of industry revenue in 2018. This corresponds to a low level of market share concentration.•The four largest operators in Ohio account for a similar amount of industry revenue as the four largest operators nationally.•The average operator in Ohio only caters to a consumers’ regions need for one or a handful of lines of insurance in a defined part of the state.•The average establishment in Ohio is expected to employ 33 workers in 2018, compared with the national average of 39 workers...purchase to read more.

    Additional Insights for the Property, Casualty and Direct Insurance in Ohio Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Property, Casualty and Direct Insurance in Ohio Industry are

  • Ability to effectively manage risk
  • Offer a range of insurance products
  • Management of a high quality assets portfolio
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income in Ohio and Homeownership rate in Ohio in the Property, Casualty and Direct Insurance in Ohio industry impact industry performance..

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    What's in this report

    What is the Property, Casualty and Direct Insurance in Ohio Industry?

    Operators in this industry are primarily engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Industry participants also protect real estate owners or creditors against losses sustained as a result of any title defect to real property. This industry does not include insurance coverage for life, disability, accidental death, dismemberment or health risks.

    Industry Products
  • Private passenger automobile insurance
  • Homeowners' multiple peril insurance
  • Commercial automobile insurance
  • Commercial multiple peril insurance
  • Fire and allied lines insurance
  • Commercial general liability
  • Industry Activities
  • Directly underwriting automobile insurance
  • Directly underwriting homeowners' insurance
  • Directly underwriting title insurance
  • Directly underwriting workers' compensation insurance
  • Directly underwriting medical malpractice insurance
  • Reinsuring policies from other insurance companies
  • Similar Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Reinsurance Carriers
  • Workers' Compensation & Other Insurance Funds
  • Life Insurance & Annuities in California
  • Health & Medical Insurance in California
  • Property, Casualty & Direct Insurance in California
  • Life Insurance & Annuities in New York
  • Health & Medical Insurance in New York
  • Property, Casualty & Direct Insurance in New York
  • Property, Casualty and Direct Insurance in Illinois
  • Life Insurance & Annuities in Illinois
  • Health & Medical Insurance in Illinois
  • Property, Casualty and Direct Insurance in Texas
  • Property, Casualty and Direct Insurance in Florida
  • Health & Medical Insurance in Florida
  • Property, Casualty and Direct Insurance in Massachusetts
  • Life Insurance & Annuities in Massachusetts
  • Health & Medical Insurance in Massachusetts
  • Health & Medical Insurance in Ohio
  • Property, Casualty and Direct Insurance in Pennsylvania
  • Life Insurance & Annuities in Pennsylvania
  • Health & Medical Insurance in Pennsylvania
  • Property, Casualty and Direct Insurance in New Jersey
  • Life Insurance & Annuities in New Jersey
  • Health & Medical Insurance in New Jersey
  • Property, Casualty and Direct Insurance in Georgia
  • Life Insurance & Annuities in Georgia
  • Health & Medical Insurance in Georgia
  • Property, Casualty and Direct Insurance in Michigan
  • Life Insurance & Annuities in Michigan
  • Health & Medical Insurance in Michigan
  • Property, Casualty and Direct Insurance in Wisconsin
  • Life Insurance & Annuities in Wisconsin
  • Health & Medical Insurance in Wisconsin
  • Property, Casualty and Direct Insurance in Washington
  • Life Insurance & Annuities in Washington
  • Health & Medical Insurance in Washington
  • Property, Casualty and Direct Insurance in Virginia
  • Life Insurance & Annuities in Virginia
  • Health & Medical Insurance in Virginia
  • Property, Casualty and Direct Insurance in Tennessee
  • Life Insurance & Annuities in Tennessee
  • Health & Medical Insurance in Tennessee
  • Property, Casualty and Direct Insurance in Missouri
  • Life Insurance & Annuities in Missouri
  • Property, Casualty and Direct Insurance in North Carolina
  • Life Insurance & Annuities in North Carolina
  • Health & Medical Insurance in North Carolina
  • Property, Casualty and Direct Insurance in Minnesota
  • Life Insurance & Annuities in Minnesota
  • Health & Medical Insurance in Minnesota
  • Property, Casualty and Direct Insurance in Maryland
  • Life Insurance & Annuities in Maryland
  • Health & Medical Insurance in Maryland
  • Property, Casualty and Direct Insurance in Colorado
  • Life Insurance & Annuities in Colorado
  • Health & Medical Insurance in Colorado
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income in Ohio
  • Homeownership rate in Ohio
  • Number of employees in Ohio
  • Yield on 10-year Treasury note

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Property, Casualty and Direct Insurance in Ohio Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining
  • Wholesale Trade
  • Information
  • Educational Services
  • Consumers

  • Key Selling Industries
  • Insurance Brokers & Agencies
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters

  • Products & Services
  • Private passenger automobile insurance
  • Other
  • Commercial general liability
  • Commercial multiple peril insurance
  • Commercial automobile insurance
  • Fire and allied lines insurance
  • Homeowners' multiple peril insurance
  • Chart: Property, Casualty and Direct Insurance in Ohio Industry Products and Services Segmentation

  • Major Markets
  • Consumer
  • Commercial
  • Other
  • Chart: Major Market Segmentation for the Property, Casualty and Direct Insurance in Ohio Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Property, Casualty and Direct Insurance in Ohio

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Property, Casualty and Direct Insurance in Ohio Industry

  • State Farm, Allstate Corporation, Nationwide Mutual Insurance Company, Progressive Corp.,
  • Table: State Farm - financial performance
  • Table: Allstate Corporation - financial performance
  • Table: Nationwide Mutual Insurance Company - financial performance
  • Table: Progressive Corp. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Property, Casualty and Direct Insurance in Ohio Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Property, Casualty and Direct Insurance in Ohio Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Homeownership rate in Ohio (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Policyholder Surplus
  • The difference between an insurer's liabilities and its assets and is the financial cushion that protects policyholders in case of unexpectedly high claims.
  • Title Insurance
  • Indemnity insurance that protects against financial loss from defects in title to real property and from invalidity of mortgage liens.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • What Our Customers Say

    Why buy this report?

    The Property, Casualty and Direct Insurance in Ohio industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
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    This report on Property, Casualty and Direct Insurance in Ohio:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Property, Casualty and Direct Insurance in Ohio market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Property, Casualty and Direct Insurance in Ohio, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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