Sixty-three of the 135 individual insurance companies writing auto policies in Ny earned an ideal score, with no consumer complaints upheld against them, in the Ny Department of monetary Services’ annual ranking.
Of those 63, just 10 were subsidiaries of 1 from the nation’s 10 largest insurers, a Repairer Driven News analysis of the data shows. In most, 36 subsidiaries of the top ten companies are included one of the 135 companies ranked.
To put it one other way, subsidiaries of the largest companies taken into account 27% of all companies ranked, but 16% of these using the highest scores.
The 2022 Ny “Auto Insurance Complaint Ranking” ranks the person subsidiaries, rather than lumping them together under their parent companies, as a way to give consumers an accurate picture of their individual insurer’s performance.
The rates are in line with the quantity of consumer complaints upheld by DFS, divided by a company’s insurance premiums written directly in New York, in millions, over the past 2 yrs.
Complaints typically involve issues like delays within the payment of claims, the value of monetary settlements, and the non-renewal of policies. An upheld complaint occurs when the department agrees with a consumer that an insurer made an inappropriate decision. Complaints not upheld by DFS or withdrawn through the consumer are not included in the final calculation.
The ranking does not include complaints sent simply to insurance providers.
The procedure for filing a complaint can be obtained at https://dfs.ny.gov/complaint. Users can also look into the status of a complaint, or add information, such as a Letter of Authorization , to an existing complaint. DFS notes that it may share a copy of the complaint with the company or individual you're complaining about.
In 2022, DFS received 3,136 private passenger car insurance complaints, 424 of which were upheld. Dividing that figure through the average premiums for all companies in 2022 and 2022 gives a typical complaint ratio of 0.0301.
Eighty-six of the 135 companies out there had complaint ratios lower than the average.
Grouping subsidiaries together gives a broader view of the performance from the largest companies. Travelers, which has eight subsidiaries writing policies in New York, scored an aggregate 0.0152 complaint ratio, which may have placed it at number 73 out there, the very best of the 10. At the opposite end from the scale, USAA, which has two subsidiaries operating in New York, had an aggregate 0.1021 complaint ratio, which may have placed 115th in the rankings.
The remaining aggregate ratios where they'd place one of the rankings are: Geico, 0.0156, 74th; Nationwide, 0.0230, 83rd; Progressive, 0.0233, 84th; Farmers, 0.0301, 87th; Liberty Mutual, 0.0316, 89th; Allstate, 0.0372, 93rd; State Farm, 0.0454, 101st; and American Family, 0.0828, 113th.
DFS notes that “Large insurance companies carrying out a large amount of business typically generate more complaints than smaller companies, so while ratios may allow you to compare businesses with large companies by looking at complaints as a percentage of premiums written, just one or two additional upheld complaints each year may have a significant effect on a smaller insurer.”
The rankings also provide a look at the share of the market of every insurer. Geico and its subsidiaries, while second in the nation in premiums collected, rank No. One in New York, with an average of $3.715 billion written in 2022 and 2022. Allstate, No. 4 nationally, is second in Ny, at $1.827 billion, with State Farm, first nationally, close behind at $1.720 billion.
At the other end from the scale, American Family, the nation’s ninth-largest auto insurer, has a relatively small footprint in New York, at $24 million.
Taken individually, Geico subsidiaries are three from the 10 largest auto insurers in New York. Allstate and Progressive each take up two spots with that list, with State Farm, Travelers, and LM General holding the remaining.
The DFS rankings closely align with the results of CRASH Network’s 2022 “Insurer Report Card,” which is based on letter grades awarded by collision repair centers that took part in market research.
The CRASH Network survey asks repairers a single question: “How well performs this insurer's claims handling policies, attitude and payment practices ensure quality repairs and customer service for motorists?”
The results are broken down by state in the report card. New York repairers tended to provide their higher marks, from C+ to C-, towards the insurers at the top of the DFS rankings. The cheapest marks were a D awarded to Allstate and a D+ given to State Farm, whose aggregate scores were the seventh- and eighth-lowest among the 10 largest companies within the DFS rankings.
For the entire 2022 DFS rankings, visit https://dfs.ny.gov/consumers/auto_insurance/auto_insurance_complaint_ranking.
A free report using the CRASH Network’s 2022 “Insurer Report Card” findings can be downloaded at https://www.crashnetwork.com/irc.