Insurance companies are not to be trusted because they increasingly see their customers as goods to be traded in, insurance industry ombudsman Jan Wolter Wabeke says in Thursday’s Volkskrant.
‘Policyholders no longer know what they are insured for, and the term ‘contract is contract’ no longer applies, Wabeke, who is paid by the industry, says.
Wabeke points out that the recent life insurance price war has led to customers buying policies at rock-bottom prices. But, he points out, insurance companies have the right to raise those premiums whenever they like.
In particular, the fact insurance firms have the right to change terms and conditions at will is a disadvantage to policyholders, he says.
Clients who want to end a policy because of the changes in cover – particularly those with life or funeral insurance – are bought out at extremely bad rates, Wabeke says.
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