Examining Oklahoma's Homeowners Insurance Market Competitiveness and High Rates

Oklahoma homeowners face some of the highest property insurance premiums in the U.S., largely attributed to factors such as hail risk and inflation. The state's largest insurer, State Farm, reported substantial earnings in 2024, challenging the narrative of unprofitability in Oklahoma's insurance market. Oklahoma law grants exclusive authority to the insurance commissioner to challenge rate increases, but only if the market is deemed noncompetitive, a threshold not commonly met according to available metrics. Commissioner Glen Mulready maintains that ample competition exists in Oklahoma's homeowners insurance market, preventing regulatory intervention. However, an in-depth analysis by J.C. Hallman reveals that these metrics may not fully reflect true market competitiveness, contributing to elevated insurance costs for consumers in Oklahoma compared to neighboring states, such as Texas.