Household contents insurance: The best-performing providers from the point of view of the Vema brokers

May 23, 2022 – According to the current quality survey by the brokerage cooperative, the liability insurance company is the big favorite among partner companies when it comes to new household goods business. This is followed by the Vema coverage concepts from Basler/BSG and AIG, ahead of Axa. The quality rating, in which the product quality, application and claims processing as well as accessibility were evaluated, was won by NV Versicherungen ahead of liability insurance, Medien-Versicherung Karlsruhe and Basler/BSG.

Die Vema insurance broker cooperative eG in the past few weeks, has conducted a quality survey among its more than 4,000 partner companies (VersicherungsJournal September 29, 2021) about the product providers that protect the belongings of private customers.

In addition to residential building insurance (April 25, 2022), household contents insurance was also put to the test. Among other things, the intermediaries interviewed were asked to name the three providers most frequently used in new business. Result: Leader is the liability insurance VVaG. The proportion of the 2,464 favorites submitted is more than a fifth.

New business: AIG behind Basler/BSG and liability insurance

The silver rank secured Basel Property Insurance Company for her along with the Basel Service GmbH (BSG) developed Vema cover concept. A good one in seven respondents opted for this.

In a close race for third place, the AIG Europe SA, Directorate for Germany with their Vema cover concept against the Axa Insurance Ltd through. Almost every tenth survey participant voted for AIG, and almost every twelfth for Axa.

Places five and six are occupied by Ammerland Insurance VVaG and the VHV General Insurance Ltd. The former was able to unite around every 15th vote, the latter around every 19th vote.

The follow in seventh place NV insurance VVaG ahead of the players tied in eighth place Medien-Versicherung aG Karlsruhe (MVK), Property owner insurance VVaG (GEV) and Gothaer Allgemeine Versicherung AG. The shares are each less than three percent.

Ranking of new business (Image: Wichert)

Various shifts in rank

Compared to the last quality survey in this segment (October 6th, 2020), the liability insurance company moved past Basler/BSG to the top position. The AIG improved from four to three, the Ammerländer from seven to five.

The Axa slipped from third to fourth, the Gothaer claimed eighth place. NV, MVK and GEV made it into the top ten. Dropped out of the top group are the zur MLP SE associated coverage concept providers Domcura AG (17.6.2015), die Basel Property Insurance Company and the underwriter Concept & Marketing – your independent concept developer GmbH

NV wins quality ranking

As part of the survey, the insurance intermediaries were also asked to rate various service aspects (school grading scale). These included product quality, application processing and policy issuing, claims processing and accessibility. The four segments were equally weighted in the quality rating.

Compared to the ranking according to the most frequent use, the quality ranking (mean values ​​of the intermediary grades) shows some differences, some of which are considerable. NV (seventh place in new business) secured the top spot (mean value: 1.40). The company achieved the best grade in three aspects. Only in terms of product quality was it only enough for fourth place.

Second place in the quality rating is taken by the liability insurance (1.50). In terms of accessibility, the Roßdorfer were rated only a hair’s breadth below the frontrunner. The Vema partners also see the company in second place when it comes to processing applications and claims. The product quality, on the other hand, was rated only average.

MVK ahead of Basler/BSG on bronze

In a tight race for bronze, the MVK (1.56) had the upper hand against the coverage concept of Basler/BSG (1.58). The MVK (eighth position in new business) scored above all with the best product quality. In the other segments, two third places (behaviour in the event of a claim and accessibility) and one fourth place (policy) jumped out.

From the intermediary’s point of view, Basler/BSG offer the second-best product quality and the third-best application processing, each with less than 0.1 points behind the leading player. A better placement prevented in particular the sixth-best accessibility (0.4 points behind). In claims processing, the provider is almost 0.3 points behind the top in fourth place.

Quality rating (Image: Wichtert)

The AIG see the intermediaries only in seventh place. This is mainly due to the poorest accessibility, but also to the only mediocre rated application and claims processing.

At the bottom of the quality ranking is Axa, which those surveyed confirmed had the worst application and claims processing. In terms of accessibility (ninth place), the provider performed only slightly better than AIG.

Various other quality surveys of the brokerage cooperative

Vema conducts its quality surveys in a wide variety of insurance branches. In addition to death insurance (March 30, 2022, April 11, 2022) and employee insurance (March 9, 2022, March 15, 2022), this also includes supplementary long-term care insurance (February 7, 2022, February 2, 2022) and company pension schemes (November 8, 2021, 11/15/2021, 11/26/2021).

Surveys were also carried out in machinery (1/17/2022), D&O (1/10/2022) and technical insurance (10/12/2021) as well as in the professional and public liability segments (10/22/2021, 8/2/2021, 6/7 2021) and commercial insurance (14.7.2021).

Before that, the results were published for legal protection (April 8, 2021, April 13, 2021), animal and liability insurance (March 10, 2021) and construction insurance (February 5, 2021).

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