Australia takes insurer QBE to court over pricing discounts [Yahoo! Finance]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Yahoo! Finance
"The failure by insurers to deliver on pricing promises is a key priority for ASIC and we will continue to take action to hold insurers to account," said ASIC deputy chair Sarah Court. ASIC is seeking civil penalties, declarations and adverse publicity orders under the court proceedings. QBE Insurance acknowledged the proceedings, stating that, following an external review of its pricing practices in 2022, it has "taken steps to address the inconsistencies, reported the issues to ASIC and has co-operated with ASIC's investigation." The insurer said it will review the pleadings and will continue to work with ASIC on these matters. The move by ASIC comes after the watchdog issued a letter in March to the country's general insurance firms asking for improvement in claim-handling practices, especially in response to severe weather events. In August 2023, ASIC filed a lawsuit against a couple of units of Insurance Australia Group, alleging they misled customers about loyalty dis
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