A 44 per cent increase in insurance complaints has been filed to the Financial Ombudsman Institution (FOI). According to news sites, the rise in complaints stemmed from health coverage disputes and claims of false sales.
In the first quarter of 2019, the Financial Ombudsman Institution reveals that it received a whopping 1,354 complaints from January to March alone. According to Taipei Times, 72 per cent on these individuals have concerns over life insurance disputes. Meanwhile, 25 per cent of these individuals have issues in property disputes.
3 per cent of these claimants remain unidentified, state Insurance Business Asia.
Lack of Disclosure vs Consumer Awareness
Individuals who filed for claims reportedly felt cheated and lied to by sales agents, resulting in numerous grievances in the first quarter of the year alone.
However, according to a report published by the Taipei Times, chairman of National Chengchi University’s department of risk management and insurance Peng Jin-lung said that these protests and criticisms may have stemmed from “increased consumer awareness.”
Peng believes that consumers will go through lengths to contest insurers and their respective agencies, state Taipei Times. When individuals feel they have been lied to or cheated by what they deserve, the more likely they will collect evidence.
Common issues mentioned include providing false details on policy coverage, interest rates, and premium payments.
The disputes that arise from the two parties involved originate from the “differences of opinion over issues such as criteria of diseases, the need for hospitalization and the definition of a medical disability,” reports Taipei Times.
The 72 per cent of claimants who filed against insurers amount to 978 cases. Of these, Cathay Life Insurance Co. leads the list, with 169 complaints under its name. Nan Shan Life follows in its wake, with 136 disputes. Lastly, Farglory manages the third-most complaints, with 114 cases.