The rand value of fraudulent and dishonest life insurance claims prevented by the industry in 2022 totalled R770.5 million, significantly exceeding all other fraud categories.
The Ombudsman for Long-term Insurance and the Ombudsman for Short-term Insurance placed a combined R386.5 million back into the hands of complainants during the 2023 financial year. That’s according to their joint annual report for 2023, which is the final such document as both bodies have now been incorporated into the National Financial Ombud Scheme . The NFO began operating on 1 March 2024 after a merger of four separate former industry ombud schemes: the Ombudsman for Banking Services , the Credit Ombud , the OLTI and the OSTI.South Africans need to be in the know if we want to create a prosperous future.
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