November 15, 2001 by Canadian Underwriter
Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat satisfied with their claims experience.Chubb scored 86% in the “very satisfied” category, with Farmers’ Mutual, State Farm, Zenith and Gore Mutual rounding out the top five. On the other end of the spectrum, the Facility Association (FA), the insurance pool which covers high-risk drivers, scored the lowest at 31%. Kingsway General, also covering mainly high-risk and non-standard auto, and Coachman also found themselves ranking near the bottom of the 47 companies (not including FA) surveyed this year.The Insurance Bureau of Canada was pleased with the industry’s overall performance, which is the same as last year. “A satisfaction rate of 85% is remarkable given that claims are usually made in very stressful circumstances where policyholders have sustained significant losses,” says Mark Yakabuski, vice president of IBC’s Ontario division.He adds that with rising claims costs due to health care and vehicle repair costs, the number is particularly gratifying.