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The Australian Securities and Investments Commission has launched court action against insurance giant QBE over claims it misled customers over the value of discounts. At issue are statements and renewal notices promising discounts for customers on premiums for a range of QBE products, including home, contents and car insurance between July 2017 and September 2022 that were never received.
will claim QBE exploited the loyalty of its customers, promising discounts if they renewed their policies, but never passing them on. “The total dollar figure isn’t clear and the corporate watchdog hasn’t indicated what financial penalty it will seek. We should get more detail later this morning and we will also reach out to QBE for a response.
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