TORONTO, Oct. 8, 2004 – Auto insurers in Ontario have once again been given a sterling grade by customers making a claim. The annual Auto Claims Satisfaction Survey, issued by the Financial Services Commission of Ontario (FSCO) today, shows that 84% of consumers who had to make an auto insurance claim last year were satisfied with the way it was handled.
“This continued high satisfaction validates what IBC and the government have been trying to accomplish through auto insurance reform over the last year,” says Mark Yakabuski, Vice-President, Ontario, Insurance Bureau of Canada (IBC). “Since November 2003, auto insurance premiums in Ontario have decreased by 11.5 per cent. As a result, consumer calls to IBC related to premium changes hae dropped off by 80 per cent,” Yakabuski adds.
IBC continues to work with the government to insure that adequate auto insurance protection is provided at an affordable price while at the same time offering consumers more choice in the coverage they buy. “We are very supportive of the government’s plan to introduce a customized auto insurance policy that would allow policyholders to choose only the coverage they need, and save even more on premiums,” says Yakabuski. “If you increase choice, it can only improve consumer satisfaction, because people will be more aware of what they are buying and why.”
The annual claims satisfaction survey was introduced by the government in 1998. In addition to gauging the auto insurance industry’s performance as a whole, the survey results are broken down by company, and can serve as a useful guide to consumers who are shopping for auto insurance, and do not want to choose on price alone. Results are also used by auto insurance companies to improve the claims services they offer.
The survey was created by FSCO, and carried out by independent market research firms. It only includes insurance companies with a minimum of $10 million annually in auto insurance business. This year, the survey included results for 50 companies.
Insurance Bureau of Canada is the national trade association of the private property and casualty insurance industry. It represents the companies that provide more than 90 per cent of the non-government home, car and business insurance in Canada. To view news releases and information, visit the media section of IBC’s website at www.ibc.ca.