ASIC Sues QBE for Failing to Deliver Promised Insurance Discounts

The regulator alleges that QBE misled over half a million customers with unfulfilled discount promises over a five-year period.

QBE Insurance is facing legal action from ASIC for allegedly misleading customers about loyalty discounts on insurance policies.
More than 500,000 customers were affected by QBE's pricing practices between July 2017 and September 2022, according to ASIC.
ASIC claims QBE's pricing model and undisclosed mechanisms potentially reduced promised discounts to customers, sometimes to zero.
The insurer has acknowledged the issue, apologized, and stated it has been cooperating with ASIC's investigation.
QBE has initiated a remediation program for impacted customers and could face civil penalties pending the court's decision.