Western Australia’s businesses have the highest satisfaction with their insurance companies with 71.8% in September 2012 reporting they are satisfied with them meeting their needs, up 6.6 percentage points over the last year.
This high level of satisfaction appears to be related to the performance of local Business Insurance specialist Wesfarmers (WFI) and their role in raising the level of competition in this market. These are the latest findings from Roy Morgan Research’s Business Finance Survey to September 2012.
Although Western Australia has the highest level of business satisfaction with insurance companies and has been the clear leader since December 2011, all states have shown an improvement over the last 12 months.
Business Insurance Company Satisfaction by State
Source: Roy Morgan Research Business Survey, June 2010 – September 2012, average six month sample n = 6,757. ** 7 months to April 2011. Question: "Overall how satisfied or dissatisfied are you with the way each company is meeting the business’s insurance needs?" (5 point scale).
Norman Morris, Industry Communications Director, Roy Morgan Research, says:
“The strong performance of insurance companies in Western Australia regarding the satisfaction of their business customers appears to be the result of the consistently strong performance of WFI and the impact this is having on its competitors. This is evident by the fact that the three other major players in the WA business insurance market – CGU, QBE and Allianz – have all shown improvement in satisfaction and have closed the gap on WFI. It is worth noting that WFI is currently the holder of the Roy Morgan Research Business Insurer of the Year for 2011.”
For comments or more information please contact:
Norman Morris, Industry Communications Director
Telephone: +61 (3) 9224 5172
Mobile: +61 402 014 474
Email: [email protected]