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☆ Australian general insurers to repay $550 million over pricing misconduct
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Australian general insurers will repay A$815 million ($550.29 million) to more than 5.6 million consumers due to their systemic failures in delivering on pricing promises, the country's corporate regulator said on Friday. A report published by the Australian Securities and Investments Commission (ASIC) found insurers did not always have adequate oversight and controls over the pricing promises made or delivered by the distributors of their products. Acting upon pricing failures reported since Jan. 1, 2018, ASIC's Deputy Chair Karen Chester said systemic pricing failures were a result of "unnecessary complexity in pricing promises and pricing practices — accounting for the lion's share (at least A$379 million) of the remediation". Back in October 2021, the regulator had directed 11 general insurers, including Insurance Australia Group (IAG.AX), QBE Insurance (Australia) Limited and the local subsidiary of Allianz (ALVG.DE) to complete comprehensive reviews to find, fix, report and repay customers for pricing failures. "It's now up to the boards of general insurers to ensure the prompt and full repayment of the A$815 million owed to their 5.6 million customers, implement the fixes needed and rebuild consumer trust," added Chester.

Persons: Karen Chester, It's, Jaskiran Singh, Krishna Chandra Organizations: Australian Securities and Investments Commission, Insurance Australia Group, QBE Insurance, Allianz, Thomson Locations: Australian, Australia, Chester, Bengaluru

☆ Green alliance crisis is more than just a US drama
▼ + stars: | 2023-06-19 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Back in March the Net-Zero Insurance Alliance (NZIA) boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero (GFANZ), has shrunk to just 13 companies. Even those who choose to stay in the NZIA risk losing business due to state politicians pursuing a “war on woke”. NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions. In rapid succession Japanese insurers Sompo Holdings, MS&AD and Tokio Marine as well as Australia’s QBE Insurance quit the net-zero alliance in late May.

Persons: Beneva, Mark Carney, French reinsurer Scor, Lloyd’s, John Neal, George Hay, Oliver Taslic Organizations: Reuters, Global, United Nations, Zero Insurance, Glasgow Financial Alliance, Zero Banking Alliance, Alliance, European Union, Reuters Graphics Reuters, ”, Zurich Insurance, Munich Re, Hannover Re, Allianz, Axa, French, Sompo Holdings, Tokio Marine, QBE Insurance, Thomson Locations: United, United States, Germany, NZIA, Munich, Tokio, London

☆ Investors should be wary of Australia's QBE Insurance, portfolio manager says
▼ + stars: | 2023-01-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should be wary of Australia's QBE Insurance, portfolio manager saysBen Clark of TMS Capital says QBE Insurance is a business that "does a lot better when rates are higher," and interest rate cuts could come in the first half of 2024 and priced in in the second half of 2023.

Nov 14 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) on Monday said it would contribute A$42 million ($28.10 million) to settle a class action lawsuit brought by law firm Slater & Gordon (SGH.AX) in 2020 over the sale of three consumer credit insurance products. The class action was filed against ANZ, QBE Insurance Australia (QBE.AX), OnePath Life, and OnePath General Insurance alleging that the entities made customers believe their policy payments were "compulsory or provided value to them", according to the law firm's website. ANZ said the settlement contribution is covered by a provision held as of Sept. 30. QBE Insurance, and OnePath Life and OnePath General Insurance, which are indirectly held by Swiss firm Zurich Insurance Group (ZURN.S), did not immediately respond to a Reuters request for comment. ($1 = 1.4948 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Nov 14 (Reuters) - Three of Australia's 'big four' banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon (SGH.AX), who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. Law firm Slater & Gordon in 2020 filed class action lawsuits against Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX), and Australia and New Zealand Banking Group (ANZ.AX) on behalf of around one million customers. ANZ, along with QBE Insurance, and OnePath Life and OnePath General Insurance, indirect units of Swiss firm Zurich Insurance Group (ZURN.S), will pay a total of A$47 million to their customers under the settlement, with ANZ contributing A$42 million, Slater & Gordon said. Westpac would pay A$29 million, subject to court's approval. ($1 = 1.4910 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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