Mountain Life Insurance Company has received regulatory approval to begin operations in Oklahoma, marking its 14th state in the US. The Kentucky-based insurer, established in 1972, will now offer its life insurance and annuity products to Oklahoma residents.
The company’s expansion into Oklahoma is part of its regional growth strategy, adapting to local regulatory and market conditions. Oklahoma’s insurance market is significant due to its diverse economy and high insurance activity, with over 1,600 licensed insurers operating in the state. The Oklahoma Insurance Department (OID) regulates the industry, overseeing insurer conduct, financial stability, and consumer protection.
Oklahoma presents both opportunities and challenges for insurers. The state ranks 33rd nationally in total premium volume and 27th in property and casualty insurance. It’s also notable for its farm insurance segment, contributing 2.55% to the national market. However, the state faces frequent severe weather events like hailstorms and tornadoes, which have driven up property insurance claims and premiums.
To address these challenges, insurers operating in Oklahoma have adjusted their underwriting standards and enhanced risk modeling efforts. The state’s insurance premium tax rate stands at 2.25%, with revenues supporting public initiatives, including employee retirement systems.
Mountain Life Insurance stated it is preparing to appoint agents and connect with policyholders in Oklahoma. The company operates with a focus on customer service, operational efficiency, and long-term value creation for its policyholders. This expansion continues the company’s growth trajectory while maintaining its commitment to these core principles.
