Statistics can help consumers shop around for the best coverage
FOR IMMEDIATE RELEASE
July
9
, 2009
Contact: Jason Moon 517-335-1700
LANSING- The Office of Financial and Insurance Regulation (OFIR) today released 2008 consumer complaint statistics for insurance companies doing business in Michigan. Last year, the agency received 4,259 consumer complaints, with 46 percent involving claim handling and 20 percent customer service. Complaints were also broken down by type of coverage with half of all insurance complaints involving accident and health policies and 20 percent involving automobile coverage.
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.
"This information can be very valuable to consumers when they are shopping around for the insurance company that best fits their needs," said OFIR Commissioner Ken Ross.
Insurance complaints resolved by the agency in 2008 resulted in more than $6 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:
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Premiums charged
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Benefits provided by the contract
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Financial stability of the company
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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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