Ohio Insurance Market at a Glance.
Ohio Insurance Market at a Glance
With $84 billion in premium volume, Ohio is the 19th largest insurance market in the world and the seventh largest in the United States, the state's insurance department says in its annual report for 2018.
Ohio Department of Insurance Director Jill Froment, who recently was named chair of the National Association of Insurance Commissioners' Interstate Insurance Product Regulation Commission, said in her introductory message to the 2018 annual report that the department has worked hard to both foster a competitive insurance market and protect insurance consumers. "The department has a long and rich tradition of being a nationally respected regulator and consumer protection agency. We have continued that work by advocating for consumers, implementing cost-cutting efficiencies, and instituting mechanisms to help modernize the market. Ohio is viewed around the world as a leader when it comes to insurance in part because of the strength of the industry here," Froment wrote.
The report shows that 1,641 insurance companies are doing business in the state and 270 are domiciled there. Approximately 220,600 insurance agents and 17,943 insurance agencies are operating in Ohio. The state this year lowered some fees that agents pay and eliminated others, in a move to reduce costs as well as to simplify the department's process for monitoring the business of agents and agencies.
Ohio in recent years has opened its insurance market to captive insurance entities. With the addition of one newly licensed in 2018, there are now 15 captives licensed in the state. Captives, a vehicle for both self-insurance and risk management for businesses, wrote $572.6 million in premium during the fiscal year in Ohio, generating $485,233 in premium-based fees and $3,500 combined licensing and renewal fees.
Ohio historically has been ranked among the U.S. states with the lowest average premiums for auto and homeowners insurance. A report released by the National Association of Insurance Commissioners shows Ohio ranks 9th lowest in homeowners insurance, with an average premium of $819, and 14th lowest for auto insurance, with an average premium of $703. Those numbers are from 2015, the most recent data available. By comparison, the national averages for home and auto insurance are $1,173 and $889, respectively, according to the NAIC.
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 17, 2018|
|Next Article:||Southwest Ohio Business Owner Convicted of $425K Workers' Comp Fraud Gets Prison Time.|