P/C Customer Satisfaction High

Customer satisfaction with the property/casualty insurance industry reached its highest level in over a decade in the fourth quarter of 2007. According to the latest University of Michigan American Customer Satisfaction Index, the p/c sector improved 2.6 percent to record a score of 80. However, in the aggregate, customer satisfaction with the finance and insurance sector dropped 0.7 percent to 75.5, a retreat from the gains of the previous year that had put the sector at its highest level since 1994 (see our Feb 22, 2007 posting). The sector includes commercial banks and property and life and health insurance. Amid rising health care costs, customer satisfaction with health insurers also slipped 1.4 percent. The index measures customer expectations, perceived quality and perceived value of companies in various industries.  

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