For a sixth consecutive year QBE was named Australia’s most respected insurer, according to Aon’s Australasian Risk Survey.
Others who were commended included Lloyd’s, who were the big mover overall this year, rising five places to become the second most respected insurer. The likes of Vero and Allianz also performed well, with the former holding on to third position for the second consecutive year and latter edging up from fifth to fourth place.
While QBE were the overall winners, when it came to the revenue band basis, Lloyd’s jumped seven spots to claim the number one position for respondents with revenues of more than $1 billion, while Zurich, last year’s most respected in this category, fell one spot to share equal second with Chartis.
For respondents with revenues of between $100 million and $1 billion, QBE held onto the number one spot for the second year running, while Lloyd’s rose four places to become the second most respected in this category.
Elsewhere, similar to last year’s survey, organisations have indicated that they have increasingly higher expectations of insurers across the board, with all insurer choice factors (bar one) returning ratings that are at a five year high. The only factor which recorded a higher rating over the past five years was credit rating, which peaked in the 2008/09 survey.
Coverage quality and breadth was rated as this year’s highest insurer choice factor by survey respondents, followed by price competitiveness and claims service.
“Price, coverage quality and dependability are still the key requirements of good insurance,” said Paul Venning, Managing Director – Corporate, Aon Risk Solutions. “If you’ve got the right price, the right cover and they’re paying a claim then what more do you need?”