Report: Ohio insurance rates climb in 2014

Staff report

COLUMBUS — Ohio Lieutenant Governor Mary Taylor announced this week that the average rate changes for the top 10 private passenger auto and homeowner’s insurance groups in Ohio increased 2.6 percent and 4.3 percent, respectively, in 2014. The average rate change for auto insurance is similar while the homeowner’s insurance change is smaller compared to 2013 changes.

“Ohio is home to a vibrant, competitive insurance marketplace that produces rates that rank among the lowest in the country,” said Taylor, also Director of the Ohio Department of Insurance. “We will continue to protect consumers while fostering a stable marketplace that provides Ohioans with affordable coverage choices.”

Ohio produces the ninth lowest homeowner’s insurance ($725, national average $1,023) and 11th lowest auto insurance ($635, national average $815) average premiums in the country, according to 2012 data – the most recent available – from the National Association of Insurance Commissioners (NAIC).

Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowner’s insurance rates can be attributed to weather-related claims, and building and material costs.

Individual insurance consumers may have experienced rate changes that differ from the average. The department reviews rates to ensure they comply with Ohio insurance law and that they are actuarially sound.

The top 10 insurance groups represent approximately 75 percent of the market in Ohio.

Staff report