This archive report was first published on 2 October 2019.
Published on October 2, 2019, by the Business Daily Africa, Invesco Assurance and Africa Merchant Assurance Company (Amaco) were the top insurance firms with the highest cases of customer complaints in 2019.
According to the Insurance Regulatory Authority (IRA), the two companies had 181 and 155 cases respectively, making them the insurers with the highest number of customer complaints in the sector.
General insurers were the major culprits, accounting for 74 per cent of the complaints, while 26 per cent were made against long term insurers.
IRA received 2,233 complaints last year compared to 2,126 registered the previous year, with many customers citing frustration over the delayed settlement of claims by the insurers.
Of the total industry complaints, 1,304 related to delayed compensation, while 469 were due to insurers declining to settle the claim.
IRA statistics further show that general insurers are lagging in resolving customer issues, with 57 per cent of the cases against them being resolved, compared to 81 per cent for long term insurers.
