There were 28 catastrophic weather events in 2023 that each caused more than $1 billion in damage—more than any previous year—and caused a combined total of $92.9 billion in damage nationwide.1 Ac...
Amica Ranks Highest in Property Claims Satisfaction
TROY, Mich.: There were 28 catastrophic weather events in 2023 that each caused more than $1 billion in damage—more than any previous year—and caused a combined total of $92.9 billion in damage nationwide.1 According to the J.D. Power 2024 U.S. Property Claims Satisfaction StudySM, released today, the increase of severe storms has led to a larger number of high-severity claims and notably longer time frames for all major steps of claims—estimating the damage, paying the customer and completing the work—all negatively affecting satisfaction, which declines to the lowest level in seven years.
“Catastrophic weather events are straining an already fragile system still experiencing supply chain issues that affect the availability and cost of materials,” said Mark Garrett, director of claims intelligence at J.D. Power. “Resources become strained for both insurers and the contractors doing the work. Unfortunately, it’s when claims last beyond three weeks that J.D. Power sees things decline. When claims last less than three weeks, satisfaction improves, so it’s the longer claims that are solely responsible for the decline. Insurers are challenged to manage expectations and proactively communicate during longer claim periods as customers tend to have more questions when experiencing delays.”
Following are some key findings of the 2024 study:
Study Ranking
Amica ranks highest in property insurance claims experience with a score of 906. AIG (889) ranks second and Erie Insurance (888) ranks third.
The U.S. Property Claims Satisfaction Study measures satisfaction with the property claims experience among insurance customers who have filed a claim for property damages by examining five factors (listed in order of importance): settlement; claim servicing; FNOL; estimation process; and repair process. The study is based on responses from 6,019 homeowner insurance customers who filed a claim within the previous nine months. The study was fielded from January 2023 through December 2023.
For more information about the U.S. Property Claims Satisfaction Study, visit https://www.jdpower.com/business/resource/us-property-claims-satisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2024022.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
1 Source: NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters (2023). https://www.ncei.noaa.gov/access/billions/
Fonte: Business Wire
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