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COMPLAINANTS GET R386-MILLLION BACK IN INSURANCE PAYOUTS

The Ombudsman for Long-term Insurance (OLTI) and the Ombudsman for Short-term Insurance (OSTI) have published their last joint annual report for 2023, as they have now been incorporated into the National Financial Ombud Scheme South Africa (NFO).


From 1 March 2024, the NFO, an industry ombud scheme, commenced operations with the merger of four separate former industry ombud schemes: the Ombudsman for Banking Services South Africa (OBS); the Credit Ombud (CO); OLTI and OSTI.


OLTI and OSTI jointly placed more than R386 million (R386 456 756) in the hands of complainants during the 2023 financial year. OLTI recovered R283 084 553 for complainants in lump sums (an average of R1.14million per working day, considering that there were 248 working days in 2023) and an additional R727 838 was awarded in 169 cases as compensation for poor service. OSTI recorded payment of  R102 644 365 as the monetary benefit and value for consumers who approached the office for assistance.



COMPLAINANTS GET R386-MILLLION BACK IN INSURANCE PAYOUTS
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