Complaints against insurers report now available
Division recovered over $8.5M for Colorado consumers.
DENVER (Nov. 30, 2017) – The “Annual Report on Complaints Against Insurers” compiled by the Division of Insurance is now available. This report covers the fiscal year 2016-17, July 1, 2016 - June 30, 2017.
This report provides data and analysis of the previous fiscal year, while comparing that information to the previous fiscal year. Working through all of the complaints is important - often simply providing an understanding of why a claim was denied or how insurance coverage works can be beneficial to consumers. But investigations of consumer complaints against insurers may result in financial recoveries as well.
In FY2016-17, the Consumer Services team recovered $8,517,970 for Colorado consumers, which is $368,868 more than the previous year. This is money that was put back into people’s pockets.
“The Division not only regulates the insurance industry in Colorado,” said Insurance Commissioner Marguerite Salazar, “but it is an invaluable resource for consumers. The questions answered, the complaints investigated and the money recovered for Coloradans all highlight how we can help people with their insurance problems.”
The two biggest chunks of the recoveries were $2,943,583 for auto insurance, and $2,138,216 for health insurance.
For FY2016-17 the number of complaints opened by the Division’s Consumer Service team increased to 4,007 from 3,835 in the previous year. In addition, the number of complaints closed by the team - meaning that the complaint was investigated to its conclusion - also rose, going from 3,686 in the previous year, to 3,912 in FY2016-17.
As in past years, complaints related to auto, health and homeowners insurance make up the majority of the numbers.
“It’s important for Colorado consumers who are having any problems with their insurance to contact the DOI,” said Michael Conway, Deputy Commissioner of Insurance for Consumer and Compliance Services. “We can’t fix problems we don’t hear about. Plus consumer input can help us spot any troubling trends.”
If you are experiencing problems with your insurance, please contact the Division of Insurance. Our dedicated Consumer Services team helps people with everything from untangling the complex world of insurance to investigating formal complaints about their insurance companies or insurance agents. Contact the Division at 303-894-7490 / 1-800-930-3745 (outside of the Denver metro area) / DORA_Insurance@state.co.us.
The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA) regulates the insurance industry and assists consumers and other stakeholders with insurance issues. Visit dora.colorado.gov/insurance for more information or call 303-894-7499 / toll free 800-930-3745.
DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675.