The number of complaints filed by policyholders in the first nine months has doubled compared to the same period last year. During this period, based on complaints received from discontented policyholders, the ISA has imposed four measures on three Insurance Companies, two of which are fines
The Insurance Supervision Agency (ISA) has increased by 83 percent the number of complaints resolved in favor of discontented policyholders during the first nine months of this year, in comparison to the same period last year. By the end of September, 22 complaints were resolved in favor of policyholders who were dissatisfied with the insurance companies’ operation, and during the same period last year, 12 complaints were resolved in favor of policyholders.
As of the end of September this year, the ISA received 127 complaints from discontented policyholders. In comparison to the same period last year, when 62 complaints were filed, this year their number has doubled.
14 complaints are in the process of being resolved, and 76 complaints have been resolved in favor of the companies. 12 of the filed complaints were found to be unfounded, and three were withdrawn by the appellants.
Regarding the type of insurance, most complaints – 55 were filed for losses incurred in Auto Insurance (the most common class of insurance that is compulsory by law). 15 of them were resolved in favor of the discontented policyholders. There were 24 complaints filed for claims for losses covered by Casualty Insurance, two of which were resolved in favor of the policyholders. Out of 10 Property Insurance complaints, two were resolved in favor of the policyholders. Five complaints were filed for Health Insurance, and one for each of the following: Crops and Fruit Insurance, Travel Insurance, Kasko Insurance and Financial Loss Insurance. Four complaints were filed for other types of non-life insurance. 13 complaints were filed for Life Insurance, two of which were resolved in favor of the policyholders.
In 50 cases, the reason for the complaint had been the basis for loss payment. In 34 cases, the reason for the complaint had been the amount of compensation (the ISA does not decide on the amount, but considers the circumstances and arguments on the basis of which the compensation is determined).
There are seven complaints about the deadline for loss payment, and the same number complained about the loss processing. Three policyholders complained about the amount of recourse, and two about the response they received from the company to their complaint. 12 more complaints have been filed on other grounds.
Of the total number of filed complaints, 106 have been filed by citizens (natural persons), and 22 by legal entities.
A complaint is filed to the ISA if the policyholder is not satisfied with the response of the insurance company to the claim or if the policyholder has not received a response within 30 days. The ISA does not investigate anonymous complaints or cases for which court or other proceedings are being conducted.
The Insurance Supervision Agency (ISA) is an independent regulatory body that regulates the insurance market, supervises the operation of insurance entities, takes care of the protection of the rights of policyholders and contributes to financial education and inclusion of the population.