Insurance dominates NZ ombudsman’s caseload
More than half of disputes handled by the New Zealand Insurance and Savings Ombudsman last financial year related to general insurance.
The scheme’s annual report says general insurance accounted for 188 of the 300 cases lodged in the year to June 30. This equates to 62%, up from 61% the previous year.
In one case concerning the February 2011 Christchurch earthquake, a resident’s settlement was raised by almost $NZ200,000 ($179,000).
The number of complaints upheld and settled across all sectors was 101.
“The… scheme is well placed for the future,” Insurance and Savings Ombudsman Karen Stevens said. “We provide an independent, impartial and fair process with the aim of reaching an agreed outcome.”
Work is under way to raise the scheme’s public profile, including more media interaction and redevelopment of its website.
“Consumer education is an important part of our role,” Ms Stevens said. “To stimulate growth in financial markets, consumers need information to make informed choices.
“Consumers can make better financial decisions when they know about the financial products and the related legal obligations.”