Ohio Department of Development unveils strategic plan for developing the state’s insurance industry

COLUMBUS, Ohio — The Ohio Office of Insurance and Financial Development today released its strategic plan for developing the state’s insurance industry.

The plan, which Gov. Ted Strickland describes as “an industry-driven strategic growth plan,” is aimed largely at marketing Ohio as a good place for insurance companies to locate and employ people. A promotional brochure released Tuesday made no mention of health insurance, though it was clear from a list of board members and advisers that health insurers were involved in the plan’s creation.

Dubbed The State of Perfect Balance, the plan’s goals are to:

1. Market Ohio’s strengths to domestic and foreign insurance companies.
2. Enhance the attractiveness of Ohio’s insurance business climate.
3. Attract and retain insurance industry talent while promoting employment opportunities in the industry.
4. Invest in Ohio regions as centers for insurance company expansion.
5. Operate government at the speed of business.

Like other state economic development efforts, the insurance industry strategic plan aims to boost incomes, create and retain jobs, and expand productivity through innovation, Strickland said in the introduction to the brochure. “This new insurance growth plan is designed to fulfill these goals — and many more — creating a vibrant, expanding insurance industry in Ohio,” he said.

The insurance industry — including health insurers — is an economic engine in Ohio, Strickland said, employing more than 100,000 people whose annual wages total nearly $6 billion.