Complaints to Hong Kong insurance industry self-regulator rise by 7pc
Of 333 cases closed last year, industry body ruled in favour of just two policy holders
The number of new complaints received by the insurance industry’s self-regulator increased by 7 per cent to 647 cases last year.
Among the 333 cases the Insurance Claims Complaints Bureau closed last year, nearly 60 per cent were found to have no prima facie evidence.
The bureau only ruled in favour of complainants in two cases and around 16 per cent of the 333 cases were resolved through mutual settlement between the insurers and the aggrieved parties.
Half of the closed cases were related to medical insurance while 20 per cent were related to travel policies.
Chairman of the bureau’s complaints panel, Michael Tsui Fuk-sun , said the rise in complaints reflected an increase in the number of insurance policies being issued in Hong Kong,
“The number of policies in Hong Kong has been steadily increasing for many years. When you have more policies, complaints will also rise.” said Tsui.
“Proportionally, I have a feeling that it’s actually not rising that much compared to the number of policies issued every year.”