Insurance companies in Namibia had to cut refund checks worth N$4.4 million after customers filed complaints about sketchy practices like delayed death payouts and policies that supposedly lapsed but kept getting charged anyway. The Namibia Financial Institutions Supervisory Authority dropped an annual report saying the main problems stem from terrible communication and companies hiding how interest rates work or just straight-up not explaining contract terms properly. Long-term insurance shelled out N$3.1 million while short-term insurance paid N$1.3 million.
The report called out poor customer service and misinterpreting facts when claims roll in as major reasons why people keep getting screwed over. Funeral benefit claims getting denied apparently happened enough times to make the list of recurring issues worth mentioning.
The report called out poor customer service and misinterpreting facts when claims roll in as major reasons why people keep getting screwed over. Funeral benefit claims getting denied apparently happened enough times to make the list of recurring issues worth mentioning.
