Missouri Insurance Department recovers funds amidst swarm of complaints

Auto Insurance complaints

Missouri Insurance Department fields 26,000 consumers complaints

The Missouri Insurance Department is fielding some 26,000 consumer complaints concerning the coverage they receive through the state’s insurance companies. This week alone, the agency has received more than 10,000 complaints and inquiries regarding the practices of insurance companies. On average, the agency typically receives 16,000 complaints throughout the couMissouri Insurance Newsrse of an entire year. Spurred by these complaints, the Missouri Insurance Department has reclaimed some $7.7 million that will be returned to the state’s insurance consumers.

Common complaints involve health insurance

The most common complaints coming from consumers were regarding denied claims in the field of health insurance. The changing health insurance landscape has caused major confusion amongst Missouri consumers regarding their coverage. In some cases, this has led to justified denials of claims that were beyond the liability of an insurance provider. The Missouri Insurance Department has found, however, that some insurance companies exploited this confusion to deny claims in an attempt to save money. In these cases, insurance regulators recovered the money associated with the claim and will be returning these funds to policyholders in the near future.

Auto and homeowners insurance also a problem area for some consumers

Complaints regarding auto and homeowners insurance were also in high supply this year. In the wake of some powerful natural disasters that visited the state earlier in the year, many auto and homeowners insurance claims were denied because they involved damage that was not covered by an existing insurance policy. Again, regulators found that some claims were denied inappropriately and recovered funds from these instances as well.

Funds to be returned to consumers in coming months

The Missouri Insurance Department expects to return some $7.7 million in recovered funds to consumers within the coming months. These funds will either come in the form of a check or as credit toward their future insurance bills. The agency continues to receive complaints from consumers on a daily basis, but down not expect to recover any more funds until the beginning of next year.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.