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High insurance claim rejections worry NBFIRA

Friday, December 01, 2023 | 390 Views |

Providing oversight: Motshidisi at the Brokers Connect conference

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has expressed stern concerns over a rise in cases of insurance brokers failing to arrange appropriate cover for clients, leading to rejections of claims.

According to NBFIRA, complaints against brokers mainly stem from poor advisory services rendered to clients which leads to underinsurance of risks.

Speaking at Botswana Life’s recent Broker Connect Conference, NBFIRA CEO, Oduetse Motshidisi said that despite strong financial returns for brokers over the years, there is a growing trend of complaints filed against them. These complaints intensified this year between the months of March and October, he said.

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High insurance claim rejections worry NBFIRA

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has expressed stern concerns over a rise in cases of insurance brokers failing to arrange appropriate cover for clients, leading to rejections of claims.