Without needing to issue a single determination – we highlight three cases.
Compensation of R39.13 million was paid to consumers due to complaints settled by the Office of the Ombud for Financial Services Providers in its 2022/23 financial year.
Simpson said the office aims to resolve disputes in the most expedient and conciliatory way possible because this approach benefits both consumers and the FSPs. The owner filed a claim in terms of his short-term insurance policy, but the insurer rejected the claim on the basis that the complainant did not comply with the minimum security policy requirements because the vehicle was not fitted with a tracking device at the time of the loss.
Read: Floods and car claims hit Santam Hijacking and vehicle theft on the up, mostly in Gauteng Load shedding and off-road-vehicle theft claims weigh on OUTsurance The insurer further claimed the information contained in the policy schedule and policy wording provided to the client at the time was clear and concise but admitted the specific security requirements had not been highlighted to the complainant.
“Section 7 provides that concise disclosures must be made of any special terms, exclusions or instances in which cover will not be provided. The office recommended the insurer resolve the matter with the complainant, resulting in the insurer paying R644 000, which the complainant accepted. ADVERTISEMENT CONTINUE READING BELOW Specified all-risks claim rejected
The complainant was subsequently advised the claim had been rejected due to the items not being concealed, which significantly prejudiced her because she is a freelance photographer and was unable to work.
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