P/C Customer Satisfaction Remains High

Even as the economy weakened, customer satisfaction with the property/casualty insurance industry remained high in the fourth quarter of 2008, improving over 2007 levels. The latest University of Michigan American Customer Satisfaction Index reveals that the p/c sector saw a 1.3 percent gain to record a score of 81 in Q4 2008. In the aggregate, customer satisfaction with the finance and insurance sector improved 0.7 percent to 76, erasing a corresponding deficit from a year ago (see our February 20, 2008 posting). A gain in ACSI for health insurance (+2.8 percent to 73) and the more modest gain in p/c insurance more than offset a decline in satisfaction with banks (-3.8 percent to 75). Meanwhile, satisfaction with life insurance stayed the same. The finance and insurance sector includes commercial banks and property and life and health insurers, as well as credit unions, a new ASCI entrant. The index measures customer expectations, perceived quality and perceived value of companies in various industries.

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