Ohio Storms Send Insurance Rates Rising
|By Mark Williams, The Columbus Dispatch, Ohio|
Homeowners insurance rates among the top 10 insurers in the state increased by an average 6.2 p ercent last year, according to figures released yesterday by the
Those insurers control about 70 percent of the state's market.
While insurance companies can't recover the losses caused by a storm, the pattern of severe storms can be factored into projections of future losses used to set rates.
For example, the powerful storms that struck
The string of big losses for insurers began in 2007. In 2008, remnants of Hurricane Ike caused
"A lot of companies are recovering from the costs of the catastrophes of the last couple of years," said
Even with rates going up over several years, many insurers still are losing money on homeowner policies, he said.
"There is a debate on whether they're adequate to cover the total loss," he said.
That data show Ohioans paid
"We are fortunate to have a robust insurance marketplace that produces competitive rates for consumers," said Lt. Gov.
Auto insurance rates, meanwhile, continue their decade-long run of minimal increases or decreases.
Rates among the state's top 10 auto insurance companies rose by an average 1.2 percent last year, down slightly from the 1.3 percent increase in 2009 and the 2.1 percent increase in 2008.
Rieder said the rate increase for auto policies last year was basically enough to cover the cost of inflation.
Average change in homeowners insurance premiums at the top 10 companies in
3. Nationwide: -3.6%
4. Liberty Mutual: 11.5%
5. Grange: 5.4%
9. Auto Owners: 11.7%
Average change in auto insurance premiums at the top 10 companies in
2. Progressive: 4.8%
4. Nationwide: -4.8%
5. Grange: 0.3%
7. Liberty Mutual: 6.2%
(c)2012 The Columbus Dispatch (Columbus, Ohio)
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|Source:||McClatchy-Tribune Information Services|