Incorrect calculation of 'bonus-malus' coefficient takes the lead among complaints to insurance companies

Insurance agents are in the lead in the number of appeals filed with the Service for Protection of Financial Services Consumers and Minority Shareholders, which considers complaints against non-bank financial institutions (NFI) coming to the Bank of Russia.

In 2015 Q4, 77% of appeals concerned the activity of insurance agents, of which the overwhelming majority (82%) were complaints about OSAGO, of which 80% were complaints about incorrect calculation of the 'bonus-malus' coefficient (BMC).

Overall, in 2015 insurance companies were in the lead in the number of NFI appeals, in particular with regard to the compulsory motor third party liability insurance. Apart from incorrect BMC, the applicants complained about imposition of services (26%) and also refusal to conclude a contract (20%).

Microfinance organisations rank second in the number of appeals, although lagging behind considerably: 12% of appeals in 2015 Q4 and 9% over the year. Citizens also complained about the activities of securities issuers and professional securities market participants, as well as collective investment market participants, consumer credit cooperatives, and other. However, the share of these appeals in the total volume is insignificant.