Arkansas Insurance

The tab for Charley, Frances, Ivan and Jeanne in 2004: $ 26 billion. The bill for Katrina in 2005: $ 40 billion. Wilma and Rita? $ 15 billion. The assurance of the economy has made most of the bills, but now American consumers to pay higher premiums and limited access to the protection of insurance. Back-to-back years recordbreaking storms have changed the way insurers of their companies in Germany. You? Re “reassessing their risks everywhere, even in Ohio,” said Daniel J. Kelso, president of the Ohio Insurance Institute. “They are now much more attention, and what they choose to insure.”

It was Ohioans whether they must pay for disasters golf along the coast.

The short answer is “yes”.

In the long term, disasters like Hurricane Katrina “The impact on insurance policies and prices furthest from countries such as the Middle West.

“Ohio own a house? Insurance rates will probably increase because reinsurance has become more expensive” in the wake of several storms, “said Rick Holbein the State Auto Insurance Co.

Reinsurance is a policy of purchasing insurance to cover claims if disaster strikes.

Réassureur pay the majority of disaster claims in the past two years, the payment of $ 1.30 for every $ 1 of premiums collected them. You? More price increases further mass casualties, “said Robert Hartwig, Senior Vice President and Chief economist of the Insurance Information Institute.

The price of reinsurance was 100 percent to 300 percent in coastal areas, said Hartwig. Willis Group, established in London a reinsurer, estimated rates of reinsurance for the rest of the USA increased by 10 per cent to 40 per cent.

“Vary, because other extreme events, and some of the costs are reflected in rates here,” said Ann Womer Benjamin, director of the Ohio Department of Insurance. “It’s a piece of the pie game.

“Coastal areas are paying a larger share in the rear of insurance costs, but each is a bump,” said Holbein.

Ohioans can expect that the additional costs to show their bills during the year 2007. The vacation properties along the coast are already feeling the pinch.

Hartwig believes that own a house? The insurance rates in the Midwest of the USA increases by 5 percent.

Last year, grew by 0.3 per cent of the federal state. During 2006, the increase should be minimal, said Womer Benjamin.

“We? Still quite happy compared to other countries,” she said. “Because our market is sufficiently competitive, it keeps prices down.”

Ohio is one of the nation? N competitive insurance markets, with the seventh lowest own a house? The assurance of the nation.

The State is isolated from most dramatic of Hurricane rate spikes, because it? In papers for insurance companies for losses in states such as Florida, Mississippi and Alabama directly by higher prices in other countries, “said Hartwig.

“With the law, insurance rates in Ohio are only valid on the dangers and disasters that happen here,” said Womer Benjamin.

But for insurers, Ohio isn? T safely.

The State is vulnerable to hail and tornadoes coups. The ice storm in December 2004, only $ 85 million and causes damage, has qualified as a Full-scale disaster.

“Every part of the country, has a disaster and risk at the end of the day, we must put in place,” said Joe Case, Nation Wide speakers.

“We? Checks again underwriting standards in each state, because risk management is not just a hurricane.”

In Ohio, risk management may declare in writing is not too many measures in a field.

For example: “If a company provides 40 percent of housing in a circle of countries it? S smart is not an insurer? S, “said Kelso. “You must risk their tears when a tornado, they are not? T pay 40 percent of claims.