The top 10 insurance groups represent approximately 73% percent of Ohio’s market in 2013.
|Insurance Group Name||% Change in Home Insurance Premium in 2013|
|GRANGE MUT CAS GRP||14.20%|
|LIBERTY MUT GRP||13.30%|
|ERIE INS GRP||11.40%|
|CINCINNATI FIN GRP||10.80%|
Source: Ohio Department of Insurance
Ohio’s insurance department attributed the changes in homeowners’ rates to weather-related claims, and building and material costs. Between 2010 and early 2014 Ohio has had at least 16 storms which caused disaster-related estimated insured loss of $2.1-2.2 billion compared to $2.9 billion for the 11 storms during previous 10-year period (2000-09). Insurance policyholders will use the historical storm rate for projecting future claims and charging premiums accordingly.