The Bank of Russia has approved the methodology for calculating the ranking of insurers based on the level of justified complaints received from clients of companies, the regulator said in a statement. The first ranking will appear no later than December 15th.
The calculated indicator (indicator) reflects the number of justified complaints received by the Central Bank of the Russian Federation and is calculated for each insurer participating in the formation of the ranking. The methodology published on Tuesday contains formulas by which the indicator will be calculated.
For the first time, the regulator announced plans to publish such a ranking on a quarterly basis based on a thousand of concluded property insurance contracts with individuals or insured persons for personal insurance at the end of July. The complaint will be recognized as justified only upon confirmation of the fact of violation of consumer rights.
“Thanks to the ranking, it will be easier for the consumer to assess the quality of the work of insurance companies and make their choice. For insurers, the ranking will become another incentive to improve their work with clients,” the RF Central Bank said in a statement.
The ranking will not include life insurers, as well as companies that at the beginning and during the reporting period did not carry out activities corresponding to the calculation, whose license was revoked at the date of calculation of indicators and whose number of clients is less than 20 thousand.
The All-Russian Union of Insurers (ARIA) decided to create a working group to discuss the methodology for creating a ranking of insurance companies for complaints proposed by the Central Bank of the Russian Federation. The insurers have questions about how the decision on the validity of the complaint will be made and whether the severity of the violation will affect the place in the ranking.