Ombud for Short-term Insurance recovered R283-milllion back in insurance complains in 2023.

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GUEST – Peter Nkhuna - Senior adjudicator on non-life at the National Financial Ombud Scheme

OSTI ended the 2023 financial year registering 5,6% more new complaints and finalising 1,2% more complaints than in 2022. It ended the year with 12 188 registered complaints, compared to 11 542 in the previous year, and closed 10 534 complaints compared to 10 411 in 2022. Over the last two years, OSTI experienced an increase of around 24% in new registered complaints whilst maintaining the same adjudicative staff complement.

The main reason for keeping the staff complement the same was the risk of potential job redundancies going into the amalgamated scheme and the risk that complaint volumes may again decline as had happened in 2021.

26 Jun 1PM English South Africa Business News · Investing

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