ABSA Bank review: Cancellation of policy

Absa Insurance Cancellation

I am writing to express my deep concern and disappointment regarding the recent cancellation of my insurance policy with Absa, as detailed in the email I received on the 11th of October, 2023. I have been a loyal customer of Absa for the past 8 years and have always regarded your company as a reputable and trustworthy financial institution. However, I was extremely dismayed by the circumstances leading to the cancellation of my insurance policy. It is my understanding that the primary objective of any insurance company should be to provide support and assistance to its policyholders during their times of need. I have faced several unfortunate incidents that necessitated me making claims on my policy. It is crucial to note that my claims were entirely legitimate and arose from circumstances beyond my control. In particular, the claim that amounted to R160,000 was a result of a car accident in which my son's life was at risk. The vehicle was subsequently written off, and I had no choice but to file a claim to address this financial loss. This incident, which I had no control over, significantly contributed to the total value of my claims. What truly distresses me is the manner in which I was treated by your customer service representatives when I sought clarification regarding the policy cancellation. The consultant I spoke to was not only rude and condescending but also appeared to be dismissive of my concerns. It is disheartening to be treated as if I were attempting to commit ***** when I was simply seeking understanding and assistance. The consultant, as well as another representative I spoke with subsequently, both explained that the cancellation was due to my claims exceeding the value of my premiums. I also inquired about Absa's responsibility to notify me of any potential changes to my policy, especially after a significant claim like the one involving my car, which could have justified a premium adjustment. The response I received was that Absa reserves the right to cancel policies without negotiation, leaving me with limited recourse or the opportunity to resolve the situation in a more fair and reasonable manner. This situation has not only resulted in the loss of my insurance coverage but has also had a detrimental impact on my overall financial well-being. I am now facing challenges obtaining insurance from other providers due to the cancellation, which has had a cascading effect on my financial reputation. I feel compelled to express my disappointment in the light of Absa's commitment to "Treating Customers Fairly" (TCF) policy, which should prioritize the fair treatment of clients. I question whether the cancellation of my policy, without any prior communication or opportunity for discussion, is in line with this policy. In conclusion, I kindly request that Absa reconsider its decision to cancel my insurance policy. I believe that, as a long-standing and loyal customer, I deserve better treatment and the opportunity to resolve this issue in a more equitable manner. I trust that you will address this matter promptly and comprehensively, as it has the potential to impact my relationship with Absa as a whole. I appreciate your prompt attention to this matter and look forward to a positive resolution that will reinstate my faith in Absa's commitment to treating its customers fairly.