The life insurers most commonly involved in disputes are Suncorp, OnePath or AXA, and in general insurance, the worst offenders are Hollard, Auto and General, or WFI, according to the Financial Ombudsman Service.
Dispute stats from the 2015/16 financial year show the insurers involved in the 'chance' of being involved in the most disputes. There are no raw numbers on the disputes involved, but the likelihood of a dispute ending up at the FOS is measured, since many disputes are resolved at the company end and do not escalate.
Likelihoods of FOS complaints and other facts and figures
- That a dispute with a life insurer will end up at the FOS? Three in 100,000
- There were 34,095 disputes taken to FOS during the year, a seven per cent increase on the previous year
- Suncorp Life rated the worst, with a 19.7 chance out of 100,000 that the dispute would end up at the FOS
- Increased median risks for companies existed at OnePath (14), AXA (10.6), MLC (9), and Zurich (8.6)
- Lowest chances of disputes existed at Metlife and AIA Australia
- In sickness and accident cover with a median rating of 2.8, WFI rated the worst at 68.4
- General insurance had a median rating of 13 for car insurance, and those with a higher chance of dispute included AI Insurance Holdings (101.3), Hollard (44.2), Progressive Direct (37.8), Auto and General (27.8), and WFI Insurance (25.4)
- For home and contents insurance, the median chance of a dispute was 2.6, with the worst offenders being Hollard (11.7), WFI (9), and AAI Ltd (7.7)