Fijian consumers have raised insurance complaints totaling around $1.7 million from 2019 to 2024, as disclosed by the Consumer Council of Fiji. CEO Seema Shandil shared this finding during a presentation to the Standing Committee on Economic Affairs about the Fiji Development Bank Insurance Annual Reports for 2021 and 2022. She noted that the total of 216 complaints represents only a fraction of the real issues, as many consumers do not formally file complaints.
Shandil pointed out that vehicle insurance remains a significant concern, with numerous complaints concentrated around delays in claim processes, whether related to car accidents, medical claims, or life insurance payouts. LICI, New India Assurance, and BSP Life Insurance were identified as the top companies facing consumer grievances, particularly regarding claim denials and disputes over surrender values.
Documentation issues were highlighted as a major source of consumer distress, with missing documents often causing delays in beneficiary payouts. The previously active Complaints Management Forum, which addressed such issues, is now inactive, leading to additional frustrations in resolving complaints.
In light of these challenges, the Consumer Council has been advocating for improved regulations, transparency, and consumer education within the insurance sector. The council aims to empower consumers by raising awareness of their rights and the importance of reviewing insurance documentation before signing.
The current situation indicates systemic issues within the Fijian insurance industry, but there is an optimistic outlook as reforms and increased awareness initiatives may lead to improved service standards and consumer experiences in the future. Many stakeholders are hopeful that through collaboration between the government and the Consumer Council, the landscape of Fiji’s insurance sector can become more reliable and consumer-friendly, thus enhancing the overall financial safety net for all citizens.
Leave a comment