|
 New
York Insurance Department Releases Annual Insurance Complaint Rankings;
Several Tie for Top Ranking, While Long Island Insurance Ranks Lowest
October 6, 2009
The New York Department of Insurance has released its annual ranking
of insurance companies based on complaints received by the department
throughout 2008. Several companies, which had zero complaints upheld
against them, tied for top ranking, while while Long Island Insurance
Co. received the lowest ranking with the most upheld complaints
per million dollars in premiums.
The state ranks the companies based on a complaint ratio, which
is determined by the number of complaints upheld against companies
as a percentage of their entire private passenger auto insurance
business.
The following insurers all received a 0.0 percent complaint ratio:
Amica Mutual Group/Amica Mutual Insurance Co. (No. 1); Main Street
America Group (No. 2); QBE Insurance Group Ltd. (No. 3); American
Express Group (No. 4); Balboa Life & Casualty Group (No. 5);
Electric Insurance Group (No. 6); and Eveready Insurance Co. (No.
7).
None of these had claims upheld against them compared with their
premiums, but the state still ranked them according to complaints
received to comprise the top seven on the list.
Long Island Insurance ranked lowest, with a complaint ratio of 12.2
percent-calculated based on 90 upheld complaints, with an average
of $7.4 million in auto premiums written in the state.
Well-known national insurers were spread out somewhat across the
rankings.
Progressive ranked No. 13, with a complaint ratio of .05 percent-with
32 upheld claims among an average of $694.491 million in premiums
written in the state.
GEICO ranked No. 16, with a complaint ratio of .06 percent, with
128 upheld claims-compared with the company's average of $2,212.8
million in premiums written in the state.
Nationwide fell just below GEICO with an equal complaint ratio of
.06 percent, but with 17 upheld claims, compared with an average
of $286.7 million in premiums written in the state for the time
period studied.
State Farm was listed as No. 19, with a 0.07 percent complaint ratio.
Seventy-five claims made about the company were upheld, according
to the study, as compared with $1,025.9 million written in premiums
in the state.
Liberty Mutual was ranked No. 21, with a complaint ratio of 0.08
percent. The company had 43 upheld claims, compared with $546.9
million written in premiums.
Travelers was listed as No. 22, also with a 0.08 percent complaint
ratio, based on a total of 46 upheld complaints and a $545.6 million
average in premiums.
Allstate ranked No. 28, with a complaint ratio of 0.11 percent.
The N.Y. Department of Insurance received 198 upheld complaints
about the insurer, compared with $1,846.0 million in premiums in
the state.
Following is an overview of the rankings. CLICK
HERE for the full text of the study.
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N.Y. Department
of Insurance 2009 Annual Ranking of Auto Insurance Complaints
|
|
Rank
|
Company
|
Complaint Ratio
|
Upheld Complaints
|
Total Number of Complaints
|
Average of 2007-08 Auto
Premiums Written in New York State
(in millions)
|
|
1
|
Amica Mutual Group
|
0.0 percent
|
0
|
12
|
$86.701
|
|
2
|
Main Street America Group
|
0.0 percent
|
0
|
27
|
$61.1
|
|
3
|
QBE Insurance Group Ltd.
|
0.0 percent
|
0
|
32
|
$30.7
|
|
4
|
American Express Group
|
0.0 percent
|
0
|
10
|
$19.8
|
|
5
|
Balboa Life & Casualty
Group
|
0.0 percent
|
0
|
3
|
$12.8
|
|
6
|
Electric Insurance Group
|
0.0 percent
|
0
|
14
|
$12.6
|
|
7
|
Eveready Insurance Co.
|
0.0 percent
|
0
|
33
|
$12.4
|
|
13
|
Progressive Insurance Group
|
0.05 percent
|
32
|
389
|
$694.5
|
|
16
|
Berkshire Hathaway (GEICO
Cos.)
|
0.06 percent
|
128
|
1,304
|
$2,212.8
|
|
17
|
Nationwide Group
|
0.06
|
17
|
292
|
$286.7
|
|
19
|
State Farm
|
0.07
|
75
|
708
|
$1,025.9
|
|
21
|
Liberty Mutual Group
|
0.08
|
43
|
410
|
$546.9
|
|
22
|
Travelers Group
|
0.08
|
46
|
303
|
$545.6
|
|
28
|
Allstate Insurance Group
|
0.11
|
198
|
1,217
|
$1,846.0
|
|
Source: New York Department
of Insurance
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