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Wednesday, May 18, 2022
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FIO provides Rs2bn relief to insurance buyers

FIO warns policy buyers to not trust claims by sales agents, always read full documentation

The Federal Insurance Ombudsman has revealed that it provided a relief of nearly Rs2.6 billion to policyholders.

Lahore FIO Advisor Abdul Basit Khan said this on the occasion of the sharing of the annual report of 2021-22 with the media on Friday. Previously, FIO Dr. Khawar Jameel presented the report to President Arif Alvi last week.

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As per the report, the FIO received 3,528 complaints from policyholders regarding the discrepancies created by the rigid working of insurance firms and rejected 3,403 of the complaints. According to the report, the office helped the policyholders get an accumulative relief of Rs2.6 billion.

Basit Khan said that those who intend to buy an insurance policy should never believe in the tall claims made by sales agents without any documentary evidence and always examine documents clearly. “Most of the problems arise when policy holders are given incorrect information. So, make sure that no false or incorrect information is filled in,” he said. He added that before buying a policy, buyers should check the credentials of the agent, and pay the insurance premium through a crossed cheque in the name of the company. Moreover, buyers should keep their family and next of kin apprised of their insurance policy, he suggested.

“All the judgments of FIO were gladly accepted by the parties and no appeal was filed against this judgment which is a big success, not only for the FIO but also for the entire team”, he said.

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According to the annual report, despite the work pressure and restrictions due to Covid-19 pandemic, the FIO secretariat continued to services to all the aggrieved citizens and policyholders for protecting their rights. It said the adjudication by FIO provided nearly two billion rupees in monetary relief to the aggrieved complainants and policyholders.

Abdul Basit said the vision of FIO is to develop a modern and sound oversight mechanism based on equitable principles. The ombudsman will take cognizance of the maladministration in the insurance industry, he said. He said insurance sector is essential for the development of and growth of country’s economy.

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