Overview

• The regulator filed Federal Court proceedings and is seeking civil penalties, declarations and publicity orders.
• ASIC alleges more than 570,000 renewal notices from September 2019 to December 2024 compared new prices to an overstated prior amount across home, car, caravan, boat and pet policies.
• Court documents say customers and staff complained within days of the practice starting, yet the issue was not escalated to internal committees until November 2024.
• An example cited by ASIC shows a renewal implying a 1.5% rise when the real increase was 39.9% because a negotiated discount was excluded from the comparison.
• RACQ says it has clarified renewal notices, apologised and will cooperate with the case, and IAG this month completed the purchase of 90% of RACQ Insurance under a 25-year distribution deal.