UAE – Insurance companies delay due settlements
Monday, 10 12 2015, Category: Insurance and Reinsurance, Country: U.A.E
Insurance policyholders whose cars have been totally damaged complained about the delays in obtaining due settlements from insurance companies, saying that this transaction necessitated long periods ranging from two months to five months.
Therefore, policyholders said that they have fallen victims of insurance companies which lost the liquidity required to pay claims. Moreover, insurers delay on purpose for long periods the claim settlements especially the ones related to “totally damaged” cars in order to avoid the likely impact on quarterly financial accounts.
However, insurance companies confirmed their rights to take the necessary time to examine the reasons and causes of the car theft or destruction or total damage given the large amounts paid in these cases. They also indicated that policyholders entitled to these indemnifications often ignore the necessary documents needed to obtain payment.