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6 Obligations of insurance companies to deal with customer complaints

The Financial Supervisory Authority has obligated insurance companies - as part of its efforts to protect dealers in the non-banking financial sector - with several requirements for dealing with customer complaints, which are:


1- Allocate a specialized unit or department to deal with customer complaints, and specify its mechanisms and competencies, and appoint specialized staff to examine complaints and grievances.


2- Specify a period of time during which customer complaints will be examined and completed.


3- Customers' complaints and grievances should be given the necessary care, and their performance and resolution should be promptly, fair and independent, and it should ensure that its complaints unit or department carries out its responsibilities effectively and without delay or delay.


4- Keeping customer records of complaints up-to-date, arrayed and standardized, which contributes to facilitating the identification of the pattern of dealing with the type of complaints submitted by customers.


5- Other than the foregoing, if the clients do not agree to the final settlement taken by the complaints department in the financial institutions, the clients have the right to resort to other means such as going to the competent complaints department in the authority, which will examine and study the complaints submitted and take the necessary decisions or resort to the arbitration center to settle financial disputes , which must be stipulated in the concluded contracts or in the law.


6- In all cases, clients have the right to resort to the judiciary, which is the deciding body for the settlement of any dispute that may arise between the parties.


The value of the collected premiums for property and liability insurances for insurance companies during the period from January to June of 2021 amounted to 24.54 billion pounds, compared to 18.53 billion pounds during the same period in 2020, with a growth rate of 32.4%, and the total compensation paid by insurance companies amounted to 11.2 billion pounds during the period from January to June of 2021 compared to EGP 9.5 billion during the same period in 2020, with a growth rate of 17.3%.