The Ombudsman for Short-term Insurance has released it’s 2019 Financial Report. We at Blue Anchor have read this report and feel it’s importance to the market, here is a snap shot of what they reported.
OSTI recovered R94.9 million for consumers in 2019. This was more then both 2017 and 2018 (each amounting to around R87m) but less then both 2015 and 2016 (around 100m each). OSTI received 10367 complaints in this period of which 9167 were closed.
Almost half the complaints closed to the Ombud during this period were Motor Vehicle related – of which 19 percent were resolved in favour of the policy holder. The second highest category was Homeowner’s (building) insurance closing 21 percent of complaints – of which 15 percent favoured the policy holder. House contents insurance complaints were relatively low at only around 6 percent.
OSTI is expecting a surge in complaints post COVID-19 pandemic, largely in relation to business disruption and travel.
Read more here.