by Judith L. French, Director
Governor DeWine and Lt. Governor Husted spoke at the meeting, expressing appreciation for NCOIL's work preserving state-based insurance regulation, protecting consumers, and keeping up with the many innovative trends in the insurance marketplace. It was the first time that a governor and lieutenant governor both spoke at an NCOIL event.
Founded in 1969, NCOIL is a legislative organization comprised principally of legislators serving on state insurance and financial institutions committees around the nation. NCOIL writes model laws in insurance, works to preserve the state jurisdiction over insurance, and serves as an educational forum for public policymakers and interested parties.
The governor and lieutenant governor also took a moment to tout Ohio, one of the largest insurance marketplaces in the world, as The Heart of Insurance, and a place for innovation. They said insurance companies want to be here, insurance innovation is happening here, and rewarding insurance careers are available here.
More than 1,700 insurance companies operate in the state and hundreds are headquartered in Ohio, helping make Ohio the fifth-largest insurance marketplace in the country by premium volume. Also, the state's insurance industry employs more than 115,000 people and pays $10.4 billion in wages. In all, a total of $23 billion of Ohio’s gross domestic product is tied to the state's insurance industry.
