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FOS ranks insurers on dispute data

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The Financial Ombudsman Service has released data comparing insurers’ likelihood of consumer disputes.

The service says the information, produced annually as required by the Australian Securities and Investments Commission, will help consumers to compare dispute data for particular providers and products.

Financial service providers can also assess how they fare in the market.

In home building insurance, QBE has the highest chance of disputes (45.7 per 100,000), followed by AAI, which underwrites all Suncorp’s general insurance products (41.7). RAA Insurance fares best, with 6.1 per 100,000, followed by AIG and RACT Insurance, each with scores of seven.

In home contents, Hollard Insurance Company has the highest probability of disputes (13) and Westpac General Insurance is second (8.9). CGU is the best with a score of 2.7, followed by Commonwealth and Insurance Australia Limited (operated by IAG), each on three.

For motor, AI Insurance rates 109.5 per 100,000, followed by Progressive Direct Insurance – (78.6). Both these companies are underwritten by Hollard. RAC Insurance has the lowest probability (4.9), followed by Youi (5.9).

In travel insurance, AAI has the highest chance of dispute (34.5), followed by Southern Cross Benefits (21.7). The top two are Chubb Insurance Australia (1.4) and Zurich (1.7).

To view the tables in full, click here.