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The #FOS have released their #complaint #data for the first quarter of 2023/2024, one of the most complained about with a massive increase? #Carinsurance #Bike insurance

By 10th October 2023No Comments

The increase we’ve seen in insurance complaints appears to be caused by several factors. There has been a rise in insurers delaying in paying out on claims, while at the same time contractor availability has impacted on the speed of repairs, as has the ability to source materials. ” The Fos says”

  • Complaints about buildings, car and motorcycle insurance have reached a combined five-year high, with an increase in complaints about delays in processing and paying insurance claims.

Car or motorcycle insurance

Car/motorcycle insurance complaints have increased by more than 50% when compared year on year. In Q1 we received 3,869 complaints about car/motorcycle insurance, compared to 2,524 in Q1 2022/23. The uphold rate has also increased in this period – from 29% in Q1 2022/23 to 36% in Q1 2023/24.

Complaints are about a variety of issues, including the value of a claim and claims being declined altogether, as well as complaints about administration and customer service issues. The largest increase has been in complaints about delays in claims, with complaints up 90% compared to Q1 last year.

The increase we’ve seen in insurance complaints appears to be caused by several factors. There has been a rise in insurers delaying in paying out on claims, while at the same time contractor availability has impacted on the speed of repairs, as has the ability to source materials.

Information source https://www.financial-ombudsman.org.uk/data-insight/quarterly-complaints-data/quarterly-complaints-data-q1-2023-24

 

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