For the first three months of this year, 36 complaints were submitted to the Insurance Supervision Agency (ISA) by insured persons who are not satisfied with the work of the insurance companies from which they purchased insurance policies.
According to the official data of the Insurance Supervision Agency (ISA) for the first three months of this year, the number of complaints filed by insured persons dissatisfied with the services of the companies from which they bought insurance policies has increased by 56 percent. According to the Law on Insurance Supervision, every insured person has the right to file a complaint to the ISA if he / she is dissatisfied with the work of the company from which he / she purchased the insurance policy.
For the period January – March, the insured filed a total of 36 complaints against insurance companies compared to 23 complaints filed in the same period last year. From the submitted complaints, the ISA in four cases decided in favor of the insured persons who were submitters of complaints, for 17 cases the procedure is ongoing, and for two complaints it was determined that they were submitted without grounds for action. In nine cases, the reason for the complaint was the amount of compensation offered to compensate the damage. These complaints are not processed because the ISA does not decide on the amount of compensation offered. Three of all submitted complaints have been resolved in favor of the companies.
In the first three months, 30 individuals and six legal entities filed complaints.
In terms of the type of insurance, most complaints – 13 were filed for auto liability damages (compulsory insurance). For claims for damages covered by accident insurance, 10 complaints were filed, and five related to dissatisfied insured persons with property insurance. Three complaints are for life insurance, and one each for travel insurance, hull insurance and agricultural insurance.
Most insured persons, a total of 13, complained about the grounds for payment of damages. Nine of the amount of the offered compensation, four reacted to the processing of the damage, one complaint each for the deadline for payment, response to the complaint and the amount of recourse. On other grounds, five complaints were submitted.
In the non-life insurance section, eight complaints were filed against Uniqa, seven complaints were filed against Wiener Life, five against Grave Life, two each against Hulk Insurance, Euroins and Eurolink. One complaint was received for: “Sava”, “Triglav”, “Croatia Lifeless”, “Insurance Policy” and the National Insurance Bureau. There are three complaints from life insurance companies about “Croatia Life Insurance”. In this period there are no complaints for “ADOR Macedonia”, “Grave life”, “Unika life”, “Triglav life” and “Wiener life”.
A complaint is submitted to the ISA if the insured is not satisfied with the company’s response to the claim or has not received a response within 30 days. The ISA does not investigate anonymous complaints or cases for which court or other proceedings are conducted.
The Insurance Supervision Agency (ISA) is an independent regulatory body that regulates the insurance market, supervises the work of insurance companies, takes care of the protection of the rights of the insured and contributes to the financial education of the population.
The Insurance Supervision Agency (ISA), within its legal competencies and authorities, this year has designed and implemented a set of activities for financial education of the population.
Consumer protection, developing awareness about insurance and insurance supervision as well as financial education and inclusion are among the fundamental goals of ISA.
Our task, as an independent regulator of the insurance market is to continuously raise public awareness and perception of insurance as a public interest of the whole society.
That is why we chose May as the month of financial literacy!
The Coordinating Body of Financial Regulators for Financial Education and Financial Inclusion, in cooperation with associations and institutions from the private sector and non-profit institutions active in the field of financial education, for the ninth year in a row marks the Global Money Week, which this year is in the period 22 – March 28. The theme of this year’s Global Money Week is: “Take care of yourself, take care of your money.”
Due to the coronavirus pandemic, the activities during the Global Money Week this year will mainly take place through e-lectures and postings of educational materials on the websites of the institutions and on social networks. The virtual educational lectures will be intended for students from primary and secondary schools in our country on topics from the areas covered by individual institutions, related to the functioning of the financial system.
The Insurance Supervision Agency (ISA) will take part in the Global Money Week through a number of activities on several levels: promoting useful content and giving advice to policyholders through an education portal with an emphasis on protecting their rights and interests, sharing useful and timely information through the website and social networks, educational questionnaires, surveys, organizing a quiz, educational online lectures, TV appearances, promotion of good practices in the field of financial education and financial inclusion, promoting the role of insurance companies and intermediaries in the financial education in order to become part of their good work in relation to their financial clients, encouraging the accountability and responsibility of insurance companies and insurance intermediaries, not only in providing information and advice on financial matters, but also in promoting the financial awareness of customers, especially for long-term liabilities and liabilities that form a significant portion of current and future income. More: Newsletter of activities
Globally, Global Money Week has been celebrated since 2012, with a single break in 2020 due to the pandemic, and since 2021 it has been organized by the OECD. This global initiative, which has so far been celebrated in more than 175 countries around the world, raises awareness among young people about financial education and increases their knowledge of money, savings, employment and entrepreneurship. Each year, young people discuss, read, and learn about economic and financial systems through a variety of activities carried out by government, financial, and educational institutions. The aim of Global Money Week is to encourage young people to invest in their future, emphasizing the importance of financial education, which will help them become aware of their financial rights, facilitate their access to financial services and develop their financial skills.