DIFS - DIFS Posts 2012 Insurance Company Complaint Statistics

DIFS Posts 2012 Insurance Company Complaint Statistics

FOR IMMEDIATE RELEASE
June 27, 2013
Media Contact: Caleb Buhs at 517-373-2380
Consumer Hotline: 877-999-6442
http://twitter.com/midifs

Stats provide information for consumers when shopping for insurance

LANSING -- The Department of Insurance and Financial Services (DIFS) today released complaint statistics for insurance companies doing business in Michigan. The statistics include complaints filed against carriers writing accident and health, annuity, auto, homeowners, and life insurance policies.

Last year, the department received 3,184 insurance consumer complaints, with a majority, 51 percent, involving claim handling and 23 percent pertaining to customer services. Complaints were also broken down by types of coverage with 47 percent of insurance company complaints involving accident and health insurance, 23 percent automobile insurance, and 15 percent homeowners insurance.

Included in the statistical breakdown are insurance company complaint ratios. Complaint ratios are created for each insurer by dividing the insurer’s dollar amount (in millions) of annual written premiums into the number of filed complaints. The ratios provide a consistent basis for comparing insurance companies, regardless of size. Consumers should remember that not every complaint filed results in a determination that the insurance provider acted improperly.

Complaint ratios are provided as a tool to help consumers choose an insurance company, but other factors should also be considered when comparing companies, including:

Premiums charged
Benefits provided by the contract
Financial stability of the company
Levels of service provided

Easy-to-understand consumer guides are available on DIFS website that provide useful information to help consumers understand what to look for when shopping for insurance.

Insurance company complaint statistics can be found at: http://www.michigan.gov/difs/0,5269,7-303-12902_62295---,00.html

Consumers can file a complaint with DIFS by calling the toll free hotline 877-999-6442 or visiting www.michigan.gov/difs.