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South Australian insurer RAA is paying out 180,000 current and former members whose insurance policies did not align with advertised promotions. The payout is a result of an external review into the RAA’s pricing, which found overcharged premiums, GST, stamp duty and interest. An Australian Securities and Investments Commission review in 2021 saw almost a dozen of Australia’s largest insurers paying customers $815 million over broken promises.
then called on general insurers to fix pricing failures and complexities. The RAA wasn’t part of the review but said to get on the “front foot” of any issues, it commissioned its own review. About 30,000 RAA customers have already been reimbursed following the report. The amount customers will be refunded depends on the type, value and number of policies they held. Most will receive a small sum of money back, some as low as $5, while others who had multiple policies over long periods will be refunded more money.
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