2000 US FAIR Plans
As noted previously, Fair Access to Insurance Requirements (FAIR)
Plans were created to make property insurance more readily available
to those who have difficulty obtaining it because of abnormal exposure
to risks over which they have no control. The plans make insurance
available to properties regardless of location or exposure. All
FAIR Plan policies insure against losses from fire, vandalism, riot
and windstorm. Some also sell homeowners insurance, which includes
liability coverage. The California FAIR Plan also covers areas prone
to brush fires.
The total coverage for all lines of Ohio FAIR Plan exposure increased
from about $3.83 billion in 1999 to over $4 billion in 2000. Ohio
represented about 3.5% of the nation’s total insurance coverage
provided through FAIR Plans in 2000, based on total coverage (exposure)
compared to 2.7% in 1999.
Notes:
(a) Exposure is the estimate of the aggregate value of all insurance
in force on all lines (except liability, where applicable, and
crime) for 12 months ending September through December 2000
(b) Includes a wind and hail option for certain coastal communities
(c) Includes wind and hail coverage for any dwelling including those
in coastal communities
(d) Not a PIPSO member, but the FAIR Plan submits data to PIPSO
(e) Total Ohio FAIR plan policies in force noted here are not year-end
figures and therefore are different than the 2000 FAIR Plan total
stated on the previous page
NA Not available
Source: Property Insurance Plans Service Office
(PIPSO)
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The total number of habitational losses
reported by US FAIR Plans in 2000 declined by nearly 23% from
1999 losses. There were 61,250 reported losses in 2000 compared
to 79,380 in 1999. Commercial losses also declined in 2000 by
nearly 8%. 2,482 commercial policy losses were reported in 2000,
down from 2,686 in 1999.
(Property Insurance Plans Service Office) |
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