The Ohio Department of Insurance recently released data showing estimated rate changes for the top 10 homeowners and auto insurers in 2018. The data shows that Ohio continues its trend of having some of the best rates in country, with homeowners rates continuing to remain stable and auto rates continuing to increase, but only slightly.
Homeowners Rates Continue to Remain Stable
Recently released data from the Ohio Department of Insurance shows that estimated rate changes among the top 10 homeowners insurers for 2018 ranged from -3.4 percent to 5.2 percent. When averaged, the overall rate changes were negligible as they averaged zero percent.
Of the ten insurers that make up close to 75 percent of the market in Ohio, two insurers decreased rates, one kept rates flat, and seven increased rates. Of the insurers that increased rates, five took larger rate increases in 2018 than in 2017, with the exception of Nationwide and Grange Insurance.
The largest rate reduction was a 3.4 percent decrease by State Farm. The largest increase of all 10 insurers was a 5.2 percent increase by Cincinnati Insurance Company.
Ohio continues to boast the ninth lowest homeowner's rates in the country, with an average annual premium of $850.
Auto Rates Continue to Increase, But Only slightly
It is estimated that the ten largest auto insurers increased their rates an average of 0.5 percent in 2018 – a lower average increase than the average rate change of 3.9 percent in 2017.
Rate changes in 2018 ranged from a rate reduction of 4.8 percent by State Farm to an increase by Nationwide of 9 percent. Of the 10 insurers that make up 77.5 percent of the market in Ohio, two insurers decreased rates, two kept rates flat, and six increased rates. Notably, only four of the 10 auto insurers took bigger rate increases in 2018 than they did in 2017.
Ohio’s auto insurance premiums average $727, which is the 14th lowest in the country.
Ohio’s combined average premiums for home and auto are $551 below the national averages.
Remind your clients that Ohio has a long history of enjoying some of the best rates in the country and continues to do so as a result of our competitive insurance marketplace which only exists because of our stable regulatory, legislative and judicial environments.
Also see: Insurers put brakes on rising auto rates in Ohio last year
Distracted Driving is Enemy No. 1 for Stable Personal Auto Rates
Indianapolis – Julie Hawkins, Emily Marker, and Sonyia Townsend have been promoted to Vice Presidents at Arlington/Roe according to James A. Roe, president and CEO of the company, an independent family owned managing general agency and wholesale insurance broker. Hawkins, Marker and Townsend joined the company in 2013, 2015 and 2008, respectively.
Julie Hawkins was named Vice President, Casualty Practice Leader.
She began her Arlington/Roe career in 2013 as a senior broker. Her prior experience includes work for insurance companies as a multiline broker, reinsurance broker and commercial underwriter. She has also worked for large brokerage firms.
Emily Marker, INS, AINS, was named Vice President, Property Practice Leader.
She most recently served as a property broker after joining the Arlington/Roe brokerage team in 2015. She has been in the insurance industry since 2001, gathering experience at an insurance company as well as at a large wholesale broker, with a focus on property and inland marine. Emily holds designations in General Insurance (INS) and Associate in General Insurance (AINS).
Sonyia Townsend was named Vice President Professional Liability, Practice Leader.
She joined Arlington/Roe in 2008. Before moving to Indianapolis, she worked for recreational vehicle manufacturers in warranty and human resource departments. Sonyia has a degree from Lipscomb University and is working toward her Registered Professional Liability Underwriter (RPLU) designation.
Arlington/Roe is a family-owned managing general agency and wholesale insurance brokerage headquartered in Indianapolis, Indiana with offices also in Ohio, Michigan, Illinois, Kentucky, Tennessee, Missouri, Minnesota and Wisconsin. Arlington/Roe was founded in 1964. Arlington/Roe’s specialty departments include Aviation, Bonds, Farm, Personal Lines, Commercial Lines (Underwriting and Brokerage), Transportation and Garage, Professional Liability, Workers’ Compensation and Healthcare & Human Services. The company writes in excess of $220 million in annual premium.
Thank you to everyone that joined us for IACON19 last week!
We hope you all had an amazing time and that you were able to go back to your agency and implement the tools and tactics that you learned! Check out the video above for a quick wrap up on IACON19, and stay tuned for next year!
Did you miss out on IACON19? Click below for the details on what you missed...
There is still time to help your Ohio commercial clients receive a quote for group rated workers’ compensation insurance. From now through the end of October, our trusted partner, CompManagement, is accepting AC-3s for review.
Although workers’ compensation insurance in Ohio is provided through the state, you still have the opportunity to help your clients receive substantial discounts on their workers’ comp premiums through CompManagement’s group rating program, available exclusively through your OIA membership.
In addition to helping your clients save money on their premiums, your agency is eligible to receive a quote as well. Simply download this form and return it to CompManagement by the end of October in order to be considered for the 2020 plan year.
Interested in learning more about OIA’s program? Find out why more than 700 Ohio insurance agencies trust OIA and CompManagement to help with their agencies’ and their clients’ workers compensation insurance needs.
Why OIA's program is the best
Since 1897, OIA has been the champion advocate and trusted advisor for independent agents in Ohio. To advance the independent agency system, OIA has made strategic partnerships over the years in several areas. Through our partnership with Utica, Westport and Fireman’s Fund we provide excellent E&O coverage to our agents. Our partnership with CompManagement allows us to provide a worker’s compensation solution for our agent’s and their commercial clients in Ohio.
As a trusted advisor we continually explore ways to help our agents grow and succeed in an ever-changing marketplace. In the coming months, you will learn of many partnerships the OIA is vetting and entering into to continue to foster the growth for the independent agency system. At OIA’s upcoming annual conference, IACON19, you will interact with several financial partners, insurance companies, wholesalers, brokers, networks, alliances and tech vendors all who support OIA’s mission of helping the independent agent.
The core of an independent agent is providing options to your clients. Similarly, OIA believes success of the independent agent depends on their ability to have access to options. We want the IA channel to be open and inclusive. Our partnerships over the years have been with this core idea in mind and that philosophy has not changed with any partnership we have entered in the past or in the future.
In our efforts to provide options for agents to grow their businesses, we are willing and interested in exploring partnerships with all entities that support the growth of independent agencies. We want agents to have options for market access and OIA is fortunate to work with some of Ohio’s strongest market access providers, wholesalers, brokers, networks, aggregators and alliances to educate our members on a solution that is the right fit for their agency.
With that in mind, the recent announcement of the Indium-Secured Advantage relationship is not meant to exclude the possibility of exploring and entering into similar arrangements with other entities that provide agents with options and will ultimately help independent agents grow. Quite the contrary, it is a sign that OIA is at the heart of the IA community and we are open to partnerships that support the growth of the independent agency system. We look forward to seeing you at IACON19 on September 20!