Insurance giant IAG has been accused of running 'misleading' loyalty discount policies. The company — which the Royal Automobile Club of Victoria, among others, operates through — denies the allegations.
Millions of Australian insurance customers could be eligible to join a class action over allegedly misleading loyalty discounts. Slater and Gordon has filed action in the Victorian Supreme Court over how loyalty discounts were calculated and promoted to "entice" people to renew home and contents policies between 2018 and 2024.
"But in reality, because of this pricing algorithm they were using, new customers were typically paying less for their policies than loyal customers who had been with them for more than 20 years." He claimed those loyal customers who were unlikely to leave then received higher premium increases.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Insurance giant IAG facing class action for allegedly inflating premiums of loyal customers across AustraliaKerry Reece has been loyal to her insurer for decades, but a new class action claims her loyalty might not have been rewarded — rather it has seen the bills of customers like her inflated, lawyers are alleging.
Read more »
Class actions: No more ‘go-away’ money as companies take class actions to courtCorporate Australia will no longer pay “go-away” money to avoid shareholder class actions after plaintiff firms lost five major cases in a row, a trend lawyers said would encourage more boards to fight cases in the courts.
Read more »
Netstrata: More trouble in apartments as insurance commissions spark red flagsThe Netstrata insurance scandal rocked the strata management industry in NSW but that’s just the beginning as an independent inquiry starts to dig deeper.
Read more »
Insurance inquiry hears companies failed flood-impacted residents in NSW central west towns of Eugowra, MolongOne business owner told the inquiry she was asked why her $20,000 photocopier had been on the floor when a 2m torrent of water inundated her shop. Others say they were pressured to accept low payouts after long delays.
Read more »
Injured Melbourne cyclist calls for improved insurance cover after loophole costs him thousands of dollars7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
How AI is being used to commit car insurance fraud7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »