Insurance companies had to refund clients with N$4.4 million after several complaints had been filed.
Among the complaints is delays in the payment of death benefits, lapsed policies that were still being charged, the repudiation of funeral benefit claims, and services either not acceptable or not delivered.
According to a Namibia Financial Institutions Supervisory Authority (Namfisa) annual report, the root cause of the recurrence of some complaints includes ineffective communication or non-communication.
“There have been non-disclosures on how interests are charged, misinterpretation of facts at the claim stage, poor customer service and terms and conditions not properly explained to the consumer are some of the root causes of complaints occurrences,” the report reads.
Long-term insurance paid N$3.1 million and short-term insurance paid N$1.3 million in total claim payouts.
