Oklahoma captive insurance premiums surge 66.7% in 2025
Oklahoma’s captive insurance sector recorded a sharp increase in premium volume in 2025, with total captive insurance premiums rising by more than $278 million, according to figures released by the Oklahoma Insurance Department (OID).
The increase represented a 66.7% rise from 2024 to 2025, taking total premium to approximately $696.6 million.
The growth follows several years of expansion in the state’s captive insurance market. Premium volume stood at $225.8 million in 2024, compared with $696.6 million in 2025. The report’s historical figures show total premiums had reached $417.9 million in 2022 and $404.5 million in 2021, before falling back in 2023.
The 2025 figures include both direct and assumed, or reinsurance, premium. The OID’s breakdown shows direct premium increased to $388.8 million in 2025, from $359.9 million in 2024. Assumed premium, meanwhile, rose substantially to $307.9 million, compared with $109.2 million a year earlier.
The increase in premium volume also translated into higher tax and fee revenue for the state. Captive insurance tax and fee revenue grew by 23% between 2024 and 2025, the report states.
Revenue from the captive sector has increased steadily in recent years. The report records captive gross tax and fee revenue of $953,245 in 2025, up from $774,827 in 2024 and $584,013 in 2023. Of that amount, the first $500,000 was allocated to the legislature and pensions, while captive section expenditures were reported at $247,360 in 2025.
The number of captive insurers operating in Oklahoma also grew during the year. The OID received 14 applications for captive insurer licences in 2025, and all 14 were approved. Four captive insurers dissolved during the year, resulting in a net increase of 10 insurers.
According to the department, the number of captive insurers increased by 15.6% between the end of 2024 and the end of 2025. That was almost double the 8.1% growth rate recorded between 2023 and 2024.
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