KARACH: The Federal Insurance Ombudsman (FIO) on Thursday ordered payment of Rs10.06 million as monetary relief to policyholders.

A spokesman of the FIO said Rana Textile Mills Ltd lodged a complaint with the FIO stating that it insured its goods in transit including with PICIC Insurance.

The company filed an insurance claim amounting to Rs5.04m with the insurance company after a robbery.

However, the respondent company failed to pay the claim amount even on completion of all formalities.

After detailed deliberations, FIO advised the respondent company to settle the claim as per amended survey report amounting to Rs4.03m without any deduction, within one month.

In another case, a widow filed a complaint against UBL Insurer Ltd for non-settlement of her husband`s death claim under the master insurance policy. The FIO directed the respondent company to pay Rs308,000 within a week.