LAHORE: The Federal Insurance Ombudsman (FIO) has provided a monetary relief of Rs2.572 billion against the cumulative claim of Rs3.275 billion filed by complainants during 2022.
According to the annual report of FIO for 2022, 4634 complaints had been disposed of out of a total of 4740 complaints throughout the year. It is worth noting that M/s Jubilee Life Insurance Co. Ltd. stood as the highest sought-after company with 3089 complaints, followed by Adamjee Life Insurance with 327, Pak-Qatar Family Takaful with 122 and IGI Life Insurance with 121 complaints during the year.
Similarly, Bancassurance stood top among all the sectors with 2729 complaints, followed by term plans with 1710, death with 94, maturity claims with 22, group insurance with 13 and health with 11 complaints during 2022.
However, fire and crop insurance claims stood at the lowest ebb with only three and four complaints, respectively, throughout the year.
Karachi topped where 1144 complaints were registered with FIO, followed by 1054 in Lahore, 1032 in Multan, 819 in Islamabad and 515 in Peshawar.
Dr Khawar Jameel, FIOA, said his organisation had solved the problems faced by farmers regarding insurance claims of crops and livestock damaged by the recent floods on an emergency basis on the direction of President Arif Alvi. He said all the stakeholders, including banks, insurance companies and relevant ministries, had been asked to collect data on arable land and affected farmers on an urgent basis. He said a new regional office has been set up in Sukkur this year to cater to the needs of farmers of interior Sindh. According to him, his office had also carried out a special awareness campaign for farmers, but still, only four complaints of crop insurance were lodged during 2022, which were solved by his office.
Dr Khawar Jameel took charge of his office in 2019 and closed the year by providing a monetary relief of Rs400 million to the policyholders, followed by Rs2 billion in 2020, and the year 2022 has been closed on Rs2.5 billion.
Copyright Business Recorder, 2023
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