Higher-than-average annual rate increases for personal lines coverages by property-casualty insurers are causing customer satisfaction levels to drop, according to the most recent American Customer Satisfaction Index (ACSI) financial services satisfaction report, released today.
The report shows that overall customer satisfaction with property-casualty insurance and the industry in general fell 6 percent to a score of 78 out of a possible 100--the lowest rating in 5 years.
A big drop for smaller insurance companies, including AAA, Nationwide and Travelers, is responsible for much of the weakening customer satisfaction. The aggregate of smaller insurers plummeted 7 percent to 77, the lowest score in the property-casualty category.
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