Rating for Home Insurance
To effect an insurance policy, whatever it may be, is not an easy task. These are complex financial products, with conditions, exclusions, and policies that must be known beforehand in order to purchase good coverage. For this reason, we as users rely on insurer carriers that, generally through their insurance agents, provide all the necessary information we need to purchase the product that best fits what we are looking for, and although it is their obligation to make such information available, some companies do better than others.
As far as home insurance goes, it is now possible to know which insurer carrier provides better information and does so according to standard, based on the ratings issued by the National Commission for the Protection and Defense of Users of Financial Services (Comision Nacional para la Proteccion y Defensa de los Usuarios de Servicios Financieros in Spanish, abbreviated CONDUSEF), the agency that evaluated insurance carriers based on their transparency and quality.
Said agency makes clear that it only assessed the information provided and not the product nor the institution, however, this can be crucial when making a definitive choice as to which company to use when purchasing coverage The items assessed and rated are: the insurance application, the policy declaration page, the general (or standard) terms and conditions, conditions for coverage of perils/hazards, premiums and information offered on the insurance carrier’s own web page.
According to CONDUSEF, among the information these institutions are prone to not clarify or include is:
-
General Terms and Conditions: Fails to comply with the exclusions being in 12-point bold font.
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Application: Agent statement regarding the risks involved in the purchase of coverage is missing.
- Policy Declaration Page: Missing the inscription of registry with the authority.
- Conditions for Coverage of Perils/Hazards: Fails to explain the maximum liability limit for this coverage.
- Web Page: Fails to publish the General Terms and Conditions for the product as well as the requirements to purchase coverage.
The ratings issued by CONDUSEF for the following insurance companies are:
|
Insurance Company
|
Rating
|
|
Axa Seguros
|
10.0
|
|
Grupo Nacional Provincial
|
10.0
|
|
HSBC Seguros
|
10.0
|
|
La Latinoamericana Seguros
|
10.0
|
|
Mapfre Tepeyac
|
10.0
|
|
Seguros Afirme
|
9.9
|
|
Aba Seguros
|
9.7
|
|
Aseguradora Interacciones
|
9.7
|
|
Seguros Santander
|
9.6
|
|
Royal & Sunalliance Seguros
|
9.6
|
|
Seguros Atlas
|
9.5
|
|
Seguros Bancomer
|
9.5
|
|
Seguros Multiva
|
9.1
|
|
Seguros Banorte Generalli
|
8.9
|
|
Tokio Marine Compañia de Seguros
|
8.7
|
|
Seguros Inbursa
|
8.6
|
|
General de Seguros
|
8.3
|
|
Metropolitana Compañia de Seguros
|
7.9
|
|
Zurich Compañia de Seguros
|
7.8
|
|
Chartis Seguros Mexico
|
7.6
|
|
QBE de México
|
7.6
|
|
HDI Seguros Mexico
|
7.3
|
|
Seguros Banamex
|
7.1
|
|
Grupo Mexicano de Seguros
|
6.4
|
|
Seguros el Potosi
|
4.7
|
|
Allianz Mexico
|
4.3
|
Source: http://blogs.cnnexpansion.com and CONDUSEF
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