Ohio Department of Insurance Director Mary Jo Hudson announced that the average rates for the state’s top 10 auto insurers decreased 2.6 percent in 2007. The average rates for the state’s top 10 homeowners increased by 1.5 percent in 2007.
“A competitive market assures lower insurance premiums for all Ohioans,” Hudson said. “The Department will continue to monitor these markets, and also assure that Ohioans have access to competitive coverage.”
Ohio has the 13th lowest auto insurance and 6th lowest homeowners insurance average premiums in the country, according to the most recent figures from the National Association of Insurance Commissioners (NAIC).
Auto rates decreased for the third consecutive year behind rate decreases by State Farm, Progressive, Westfield, Cincinnati Financial, Erie Insurance, and Geico. Homeowner insurers that experienced rate decreases included Cincinnati Financial, Westfield, and Liberty Mutual.
Based on the rate activity thus far and industry data, Department analysts expect the 2008 rate activity to differ from 2007. For auto insurance, the average rates will likely increase slightly. For homeowners insurance, the average rates will likely increase in greater percentages similar to a few years ago.
Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repair costs, while changes in homeowners insurance rates can be attributed to building and material costs and weather-related claims.
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