At the request of Ohio House Insurance Committee Chair, Tom Brinkman, Jr., Ohio’s insurance trades representing health, life and the P/C industry recently presented high-level overviews of their respective industry segment.
OII President Dean Fadel presented testimony on Ohio’s P/C insurance industry, describing its contributions to Ohio’s economy and the proactive efforts of Ohio’s insurance industry in addressing workforce development needs.
Key testimony points included:
- Auto and homeowners insurance affordability: Ohio’s average homeowners insurance premium expenditure ranks 9th lowest in the nation and the average auto insurance premium is 12th lowest. Ohioans pay $335 less for homeowners insurance coverage than the US average (nearly 30% less) and $183 less for auto insurance than the US average (over 21% less).
- Insurance availability: Only two state have more auto insurance carriers than Ohio’s 677. Four states have more writers of homeowners insurance.
- Employment growth: By 2024 Ohio’s insurance industry will require 29,000 new workers to fill newly created and vacant positions due to workforce retirements.
- Economic impact: A recent study cited that in 2014, private-sector insurance carriers and related activities in 2014 contributed $20.8 billion to Ohio GDP – an impact 39% greater than would be expected in an economy Ohio’s size.
View Dean’s testimony along with additional OII resources on Ohio’s insurance industry.
You can also view the testimony from our trade partners, the Association of Ohio Life Insurance Companies and Ohio Association of Health Plans, on the Feb 17 House Insurance Committee’s hearing overview link. Also included is the report provided by Jillian Froment, Deputy Director of the Ohio Department of Insurance, on the ODI’s role in regulating Ohio’s insurance market.
- Ohio Insurance Agents Association testimony (Feb. 22: Ohio House Insurance Committee)
- Ohio’s Insurance Industry
- Careers in Insurance
Posted: February 21, 2017