1/23/08

The annual ranking of auto insurance companies (by number of complaints) has been released by the New York State Department of Insurance, and MetLife, one of the ten largest companies in the state is also listed among the insurers with the fewest complaints. They came in tenth on the complaint list, with a total of 107 complaints that were closed during 2007, only fourteen of which were upheld by regulators. Their annual premiums averaged $267.5 million, which is what made them the tenth largest insurer in the state.

Other highly ranked insurers included New York Central Mutual Insurance Co., which was thirteenth on the complaint list (249 closed, 21 upheld). With three percent of the market, and an average of $299 million in annual premiums, they are the ninth largest carrier in New York. Merchants Mutual Insurance Company also scored highly, with one complaint upheld of fourteen, and annual premiums of $17.5 million. Based in Buffalo, NY, Merchants Mutual is a regional company.

Insurance Superintendant Eric R. Dinallo said, in a statement to the press, "The ranking is a valuable tool consumers can use to evalute the performance of their insurance company. The market is currently quite competitive and right now might be a good time to price compare."

The annual report examines forty-four insurance companies that operate in New York State, measuring the number of upheld complaints against each insurer or insurance group as a percentage of their annual auto insurance business. It can be found on the web at www.ins.state.ny.us.

The 2007 report is based on data from 2005 and 2006.