Ohio Car Insurance Rates On The Rise
Post Date May 15, 2012 An Insurance Institute report shows an average increase in Ohio car insurance rates rose by over 5% from 2009 to 2011. The auto insurance association, which represents home and auto insurance providers in the Buckeye state, show an insured drivers paid about $650.00 last year. This is a sizable increase in auto insurance rates. Ohio auto insurance customers only paid about $600 in 2009.
These statistics are based on information from Ohio car insurance rate studies from the Ohio Insurance Institute. The Ohio Institute compared data from the National Association of Insurance Commissioners and the Bureau of Labor Statistics. They also made use of data from ten of the states largest auto insurance providers. Data from the Ohio Insurance Department shows auto insurance rates increased slightly between 2008 and 2010 among the 10 largest car insurance companies. Grange Mutual Insurance Company had the largest increase while Ohio Casualty Group had the lowest. The top ten auto insurance companies support over 70% of Ohio’s Car and truck insurance market. Insurance professionals, including myself, feel the market will continue to harden and rates will go up.
Losses in profitability have continued to be experienced by insurance carriers in the last 24 months. The Insurance Information Institute reported that natural disasters have made up most of the claims activity. This amounts to $35 billion in 2011. This claims activity have led to massive losses for many homeowners companies which also market auto insurance coverage. Sadly, these severe losses will force Ohio insurance policyholders to pay higher rates in 2012.
Michael E. Dortch
President & Managing Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 602