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Australia’s corporate regulator is taking legal action against QBE, the country’s largest insurer, for allegedly misleading over 500,000 customers about discounts on various products over a five-year period. The Australian Securities and Investments Commission (ASIC) claims that QBE Insurance (Australia) used a pricing model that resulted in customers not receiving the discounts they were promised. This news has caused QBE Insurance shares to drop by 1.1%. ASIC is seeking civil penalties, declarations, and adverse publicity orders as a result of the lawsuit. This issue highlights the importance of risk management in the insurance industry. In response to ASIC’s action, QBE stated that it self-reported the failures to the regulator in October 2022 and has taken steps to address the issues identified. This lawsuit follows a similar case against Insurance Australia Group for misleading customers about loyalty discounts on home insurance policies.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
