ASIC Sues QBE Insurance Over Misleading Discount Practices

QBE faces legal action for allegedly deceiving over 500,000 customers on promised insurance discounts.

The Australian Securities and Investments Commission (ASIC) has taken legal action against QBE Insurance in the Federal Court.
ASIC alleges that QBE misled customers about discounts on various insurance products, affecting more than half a million policyholders.
QBE has acknowledged the inconsistencies and stated that it is cooperating with the ASIC investigation while also implementing a remediation program.
The legal proceedings cover pricing discrepancies in policies issued between July 2017 and September 2022.
QBE's share price dropped by approximately 1% following the announcement of the lawsuit.