Post Date August 19, 2012 – Ohio State Insurance Industry analysts say more than $400,000.00 in claims have been paid as a result serious storms activity. A recent claims study conducted by the Ohio Insurance Institute (OII) shows there has been an increase in Ohio auto insurance rates and Ohio homeowners insurance rates due to insured losses incurred due to the latest summer which has hit Ohio from June 28 through July 4, 2012.
The Ohio Insurance Institute reported there were approximately$435, 000,000.00 million worth of claims has been filed with Ohio’s property/casualty insurance companies, with an estimated total number of 97,000 claims. There claims have caused the Ohio auto insurance rates and homeowners insurance rates. More than 27 insurance companies participated in the study which represents 73% of the Ohio homeowners insurance market, 76% of Ohio’s auto insurance market, and more than 30% of the Ohio insurance companies which write commercial and business insurance. As in any state in the US, Ohio auto insurance rates will increase based on increased claims. Regardless if the claims activity is limited to an individual or in this case the overall claims are as a result of state-wide weather issues; Ohio auto insurance rates will increase for the customer.
OII estimated the amount of claims filed are as follows:
75,000 Ohio homeowners Insurance
16,000 Ohio Auto Insurance
6,100 Ohio Business Truck Insurance
These Ohio summer storms brought hail, tornadoes, high winds, and floods both in Ohio and other Eastern and Midwestern states totaling millions of dollars of damages to cars, homes and businesses. The storm events from June 28 to July 2 have recorded an overall claims damages of $1.125 billion in all states. The storm events and Property Claim Services ranks the state of Ohio to have the highest losses. Along with those losses comes rate increases. Ohio Auto Insurance Rates have been affected. The OII made it clear in their study the data only represented estimates and does not encompass all Ohio insurance companies in the state.
Michael E. Dortch
President & Managing Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 602