A recent customer satisfaction survey conducted by the American Customer Satisfaction Index (ACSI) produced good and bad news for the insurance industry.
The property and casualty side showed a decline of 1.2 percent for an ACSI score of 80, while life insurance improved 1.3 percent to 79.
Among life insurers, Northwestern Mutual and New York Life led the category, rising four percent each to 81 and 80, respectively. On the property and casualty side, State Farm came out on top at 82, a three percent improvement, followed by GEICO (+1% to 81) and Progressive (+1% to 80).
The report noted that the drop for property and casualty insurance as a whole was driven by a three percent decline for smaller insurers, which have faced a more negative reaction to premium increases.
The ACSI is a national economic indicator of customer evaluations of the quality of products and services available to household consumers in the U.S. It is updated each quarter with results from more than 200 companies in 44 industries and from government agencies. More information is available at www.theacsi.org.
