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Why policyholders complained to the short-term ombudsman in 2023
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read more‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
The important statistic is the proportion of personal lines complaints relative to an insurer’s share of the total personal lines claims.
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
The previously separate credit, banking, and long-term and short-term insurance ombud schemes are now under one roof.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
The information will help the Authority to monitor the extent to which insurers are delivering fair outcomes for consumers.
In two cases, the Ombudsman for Short-term Insurance found the insurer should not have rejected the claims.