When it comes to claim payouts, King Price and Absa are among the local insurers who have the unhappiest clients.
The Ombud’s report shows that almost 800 complaints (9% of all complaints in the industry) were received from Absa Insurance clients.
Here are some of the other big insurers that had high complaint rates:
Old Mutual Insure – 636 complaints
Santam – 548 complaints
Standard Insurance – 549 complaints
Hollard Insurance – 535 complaints
Guardrisk Insurance – 526 complaints
MiWay Insurance – 484 complaints
OUTsurance – 345 complaints
OUTsurance and Santam had the fewest complaints.
But only in 6% of OUTsurance complaints did the Ombud find in favour of the client – compared to 24% in the case of Hollard complaints.
In total, more than R87 million was paid out to insurance clients in South Africa following complaints. Almost 9 500 complaints were closed and on average it took 104 days to settle complaints.
In more than two-thirds of finalised complaints, consumers complained about the insurer’s decision on a claim. Most complaints related to the rejection of a claim on the basis of an exclusion or warranty in the policy terms and conditions.
Do you fully understand the terms and conditions of your policy? If not, call Melissa on 044 382 0550 to schedule an appointment. She’ll be happy to walk you through and help you understand the jargon in your Policy Schedule.