Major insurer sued for duping 500,000 Aussies on discounts: …

Oct 23, 2024 · ASIC has alleged some customers received no discounts on their premiums due to QBE's pricing mechanism. · Source: Getty. The corporate regulator has launched court action …

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Australia Sues Insurer QBE Over Pricing Discounts, Shares Slip

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Oct 23, 2024 · Shares of QBE Insurance fell as much as 1.1% to A$16.97, hitting their lowest level since Oct. 17. "Where insurers make discount promises to renewing customers, they …

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Why is ASIC suing QBE?

On Wednesday morning, 7NEWS revealed ASIC is suing QBE in the Federal Court. The corporate watchdog alleges Australia’s largest insurer misled and exploited the loyalty of half a million people by promising a discount if they renewed their policies but never delivering it - costing customers an estimated $70 million in missed savings. ...

Why is Australia's largest insurer facing a multimillion dollar penalty?

Australia’s largest insurer sued over false promises on discounts Australia’s largest insurer potentially faces a multimillion dollar penalty after the corporate regulator launched Federal Court proceedings over allegations it did not pass on the full discounts promised to more than half a million loyal customers over a five-year period. ...

Why is QBE suing QBE Insurance Group?

The Australian Securities and Investments Commission revealed the suit against QBE Insurance Group on Wednesday. It said the action relates to the value of discounts offered for more than 500,000 customers between July 2017 and September 2022. Sign up to The Nightly's newsletters. ...

Did QBE Insurance offer discounts on a raft of general insurance products?

The Australian Securities and Investments Commission is alleging that QBE Insurance (Australia), a member of the ASX-listed QBE Group, made statements and sent renewal notices promising discounts on a raft of general insurance products between July, 2017, and September, 2022. ...

Did QBE mislead customers about discounts?

ASIC has alleged some customers received no discounts on their premiums due to QBE's pricing mechanism. ·Source: Getty The corporate regulator has launched court action against insurance giant QBE over claims it misled customers about discounts to their premiums. This allegedly impacted more than 500,000 customers over a five-year period. ...

Did Australia's largest insurer mislead half a million people?

The corporate watchdog alleges Australia’s largest insurer misled and exploited the loyalty of half a million people. Here’s how. It’s a renewal rip-off. Loyalty larceny. Daylight robbery. And Australia’s corporate watchdog alleges it happened for five years with no one noticing - even the victims. ...