Tennessee’s Department of Commerce and Insurance has mediated more than 3,000 complaints against insurers so far this year, resulting in a record $13 million awarded to insureds, the department said this week.
“This amount represents the largest amount of money ever repaid to consumers in the Department’s history,” the DCI said in a news release. “The previous highest total occurred in 2022 when over $11.49 million was returned during that calendar year.”
Like regulators in other states, Tennessee’s insurance oversight agency has a mediation option for claims disputes. The state’s Consumer Insurance Services team, led by Vickie Trice, assists insureds.
The top three complaints this year include claims denials, delays and unsatisfactory settlements, the department noted. The average amount of settlement from mediation comes to about $4,300 per insured, so far in 2023. The department received more complaints about property-casualty claims, many of them weather-related, a spokesman said.
The department urged insureds to read their insurance policies carefully before filing a claim and to retain photographs and receipts for property and personal items.
Topics Tennessee
Was this article valuable?
Here are more articles you may enjoy.
