Statistics can help consumers shop around for their insurance needs  

FOR IMMEDIATE RELEASE 
June 24, 2010
Contact: Jason Moon 517-335-1700
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LANSING- The Office of Financial and Insurance Regulation (OFIR) today released 2009 consumer complaint statistics for insurance companies doing business in Michigan. Last year, the agency received 4,031 consumer complaints, with 50 percent involving claim handling and 29 percent customer service. Complaints were also broken down by type of coverage with 52 percent of insurance complaints involving accident and health policies 20 percent automobile coverage and 14 percent homeowners insurance.

Included in the statistical breakdown are insurance company complaint ratios. Complaint ratios are created by dividing the dollar amount (in millions) of written premiums into the number of filed complaints. The ratios provide complaint information that can be meaningfully compared across insurance companies, regardless of size. Consumers should remember that not every complaint that is filed results in a determination that the insurance provider acted improperly.

"Consumers can use this valuable information when they are shopping around for all of their insurance needs" said OFIR Commissioner Ken Ross.

Insurance complaints resolved by the agency in 2009 resulted in more than $9 million in consumer recoveries.

Complaint ratios are provided as a tool to help consumers choose an insurance company, but other factors such as the following, should be used when comparing companies:

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

Overall insurance complaint statistics can be found at:
http://www.michigan.gov/dleg/0,1607,7-154-10555_12902_12912---,00.html

Detailed insurance company compliant statistics and ratios can be found at: http://www.michigan.gov/dleg/0,1607,7-154-10555_12902_12916---,00.html

Consumers can file a complaint with OFIR by calling 877-999-6442 or visiting: http://www.michigan.gov/dleg/0,1607,7-154-10555_12902_12907---,00.html

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