The Ministry of Finance Capital Markets, Insurance, and Savings Division today published for the first time its individual service rating for the insurance companies. The rating provides an initial glance at how each insurance company behaves towards its policyholders when they make a claim in a number of important activity categories. The index surveys eight insurance activity categories, each significantly different from the others. In general, it can be said that the best companies were AIG Israel, Shlomo Insurance, and Direct Insurance, while the worst were Dikla (owned by the Harel Group), Menorah Insurance, and Bituach Haklai.

The Finance Ministry explained today that the service ranking, based on 2013 data, "concerns handling of claims by insurance companies, and enables the policyholder to select the most suitable insurance company for him. The index, which will be published annually, rates the insurance companies on the basis of two main elements: quality of service, in which a company approving more claims receives a higher rating, and speed of service, in which rapid handling of a policyholder gives the insurance company a higher rating." The Finance Ministry added that the service rating was calculated on the basis of reports by the insurance companies demanded by the Capital Markets, Insurance, and Savings Division, following an annual service rating for all sectors published for the second time earlier this week.

Minister of Finance Yair Lapid said today, "The Israeli consumer is getting a tool that did not exist before today. With its help, he can select the most correct insurance company for him or her," Supervisor of the Capital Markets, Insurance, and Savings Dorit Salinger added that the publication of today's rating "promotes fairness in the insurance market, and helps the public develop greater awareness of informed consumer behavior."

Published by Globes [online], Israel business news - www.globes-online.com - on July 2, 2014

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