Namibia’s insurance sector received the highest number of complaints from consumers of financial services in the first quarter (Q1) of 2022 according to non-banking sector regulator, the Namibia Financial Institutions Supervisory Authority (Namfisa).
Of the 199 complaints received by Namfisa during the quarter under review, 101 were insurance sector related, 49 were against microlenders, while pension funds received 42 complaints, with 7 complaints having been lodged against medical aids.
“Out of the 199 complaints received, 96.5% originated from four industries (i.e. microlending and credit agreements, long-term insurance, short-term insurance and retirement funds).”
According to Namfisa, N$1,36 million was paid to settle complaints during the period, with the bulk coming from the insurance sector.
“The resolution of complaints resulted in consumers receiving a total of N$1,375,042.23 from financial institutions, of which the retirement funds, long term and short-term insurance industries accounted for 98%.”
Complaints for the period were a 8.7% reduction from the fourth quarter of 2021 and a 11.9% decline on an annual basis.
