Consumer NZ’s latest annual insurance satisfaction survey has identified MAS and FMG as the highest-rated insurers for house, car, and contents insurance, with both receiving the organisation’s People’s Choice award.
Consumer NZ chief executive Jon Duffy stated that both insurers have consistently performed well in customer rankings.
“This is the eighth consecutive year FMG has received the accolade, and customers have voted MAS for People’s Choice for nine consecutive years,” he said.
He pointed to regulatory changes affecting the industry and the importance of customer service.
“New Zealanders should expect their insurer to get the basics right – good communication and customer support – especially now, with insurers needing to update policies to comply with upcoming law changes,” Duffy said.
The survey found that MAS and FMG led across multiple categories. MAS had the highest satisfaction rating for house insurance at 76%, while FMG ranked highest for contents insurance at 78%. In car insurance, MAS and FMG scored 81% and 79%, respectively.
The research also highlighted differences in performance among financial institutions. Banks were generally rated lower for house and contents insurance but received higher scores for travel insurance, which Consumer NZ attributed in part to complimentary coverage offered with some credit cards.
In the car insurance category, banks also underperformed, with ANZ, BNZ, Westpac, and ASB all receiving below-average ratings. ASB was the lowest-ranked provider in this category.
Focusing on claims, Insurance Business recently released its 2024 list of insurers rated highly for claims service in Australia and New Zealand. The rankings were based on broker feedback, with insurers assessed on their claims handling, industry expertise, and client service.
Brokers were surveyed to determine what factors they prioritise in a claims insurer. They then rated providers they had worked with over the past year. The research team applied weighted values to the key performance criteria, and insurers with the highest overall scores were recognised as 5-Star award winners in claims insurance.
With premium costs rising faster than inflation, Consumer NZ noted that concerns over affordability have grown over the past two years. Brokers could help policyholders review their coverage regularly to ensure they are getting competitive rates.
“If you’re parking your car in a garage instead of the street – update your policy. We’ve found that switching providers could save you as much as $670 per year in our car insurance survey,” Duffy said.
Adjusting the sum insured or increasing the excess are additional ways to reduce premium costs, he added.
