Ohio Department of Insurance Issues 2015 Property and Casualty Market Share Report

 

A new report published by the Ohio Department of Insurance illustrates a competitive Ohio property and casualty insurance marketplace that Ohio Lieutenant Governor Mary Taylor says is benefiting consumers with lower than average premiums and career opportunities.

“We are focused on protecting consumers and fostering a competitive marketplace that is efficiently regulated,” said Taylor, who also serves as Ohio Department of Insurance Director.  “Positive results are being realized on multiple fronts.”

Issued yesterday, June 30, 2016, the report focuses on state-licensed property and casualty groups, which sell commercial and personal products such as auto and homeowners insurance.  The top five market groups are State Farm (12.6 percent), Nationwide (6.7 percent), Allstate (6.7 percent), Progressive (5.4 percent) and Liberty Mutual (5.2 percent).

Taylor said Ohio’s marketplace is one of the largest in the world, with nearly 1,000 property and casualty companies, 140 of which are headquartered in the state.

Ohio’s average auto and homeowners premiums are a combined $515 below the national averages, regulators said, further reporting that Ohioans pay an average of $763 (9th lowest in the nation) for homeowners insurance and $659 (12th lowest in the nation) for auto insurance, according to the most recent 2013 data from the National Association of Insurance Commissioners.

The report notes that employment opportunities in the state’s insurance industry are “arguably” the highest all time.  Studies project that 26,000 new workers will be needed in Ohio’s insurance industry by 2020.  More than 100,000 people working in the sector, ranking Ohio seventh nationally.

To meet employee demand, Lt. Governor/Director Taylor began advancing workforce development activities in 2011.  Known as “Insuring Ohio Futures,” the effort includes partners from higher education, industry and government and has expanded insurance education and career opportunities for students, career changers and veterans.

“We have been able to transform the landscape in just a few short years,” she said.  “Educational programs exist that are ready to help Ohioans of all ages prepare for and claim good paying insurance jobs.”

As of March, nine Ohio colleges and universities offer insurance and risk management programs ranging from four-year bachelor degrees to two-year associate degrees and short-term certification programs.

Hyperlinks to various breakouts of the 2015 report are provided below:

• 2015 Property & Casualty Market Share Report — Top 15 Groups — Various Lines of Business
• 2015 Property & Casualty Market Share Report — Top 100 Groups — Total
• 2015 Property & Casualty Market Share Report — Top 70 Groups — Commercial Lines
• 2015 Property & Casualty Market Share Report — Top 70 Groups — Personal Lines
• 2015 Property & Casualty Market Share Report — Top 70 Groups — Medical Professional Liability
• 2015 Property & Casualty Market Share Report — Top 70 Groups — Private Passenger Auto
• 2015 Property & Casualty Market Share Report — Top 70 Groups — Homeowners Multi-Peril

For insurance education and career information visit www.insuringohiofutures.com and www.insurancecareers.org. 

 

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