Competitive Ohio insurance marketplace benefiting consumers
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Press Release-
A new report illustrates a competitive Ohio property and casualty insurance marketplace that is benefiting consumers with lower than average premiums and career opportunities, Lieutenant Governor Mary Taylor said.
“We are focused on protecting consumers and fostering a competitive marketplace that is efficiently regulated,” said Taylor, also director of the Ohio Department of Insurance. “Positive results are being realized on multiple fronts.”
The Ohio Department of Insurance recently issued a 2015 market share report of state-licensed property and casualty groups, which sell commercial and personal products such as auto and homeowners insurance. The top five 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. There are nearly 1,000 property and casualty companies alone with about 140 headquartered in the state competing for customers.
For people wondering what that means for Ohio’s average auto and homeowners premiums, they are a combined $515 below the national averages. Ohioans paid an average of $763 (ninth lowest) for homeowners insurance and $659 (12th lowest) for auto insurance. This is according to 2013 data, the most recent available from the National Association of Insurance Commissioners.
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Employment opportunities in the state’s insurance industry are arguably the highest all time. Studies project that 26,000 new workers are needed by 2020, a result of Baby Boomers retiring and industry growth. There are already more than 100,000 people working in the sector, ranking Ohio seventh nationally.
To meet employee demand, in 2011 Taylor began advancing workforce development activities. The effort now named Insuring Ohio Futures includes partners from higher education, industry and government. The initiative 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.
The market share report is available at www.insurance.ohio.gov. For insurance education and career information, visit www.insuringohiofutures.com and www.insurancecareers.org. Ohioans with questions about insurance can call the Ohio Department of Insurance at 1-800-686-1526.
“We are focused on protecting consumers and fostering a competitive marketplace that is efficiently regulated,” said Taylor, also director of the Ohio Department of Insurance. “Positive results are being realized on multiple fronts.”
The Ohio Department of Insurance recently issued a 2015 market share report of state-licensed property and casualty groups, which sell commercial and personal products such as auto and homeowners insurance. The top five 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. There are nearly 1,000 property and casualty companies alone with about 140 headquartered in the state competing for customers.
For people wondering what that means for Ohio’s average auto and homeowners premiums, they are a combined $515 below the national averages. Ohioans paid an average of $763 (ninth lowest) for homeowners insurance and $659 (12th lowest) for auto insurance. This is according to 2013 data, the most recent available from the National Association of Insurance Commissioners.
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Employment opportunities in the state’s insurance industry are arguably the highest all time. Studies project that 26,000 new workers are needed by 2020, a result of Baby Boomers retiring and industry growth. There are already more than 100,000 people working in the sector, ranking Ohio seventh nationally.
To meet employee demand, in 2011 Taylor began advancing workforce development activities. The effort now named Insuring Ohio Futures includes partners from higher education, industry and government. The initiative 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.
The market share report is available at www.insurance.ohio.gov. For insurance education and career information, visit www.insuringohiofutures.com and www.insurancecareers.org. Ohioans with questions about insurance can call the Ohio Department of Insurance at 1-800-686-1526.