ASIC is seeking civil penalties and declarations, highlighting the necessity for insurers to have robust systems ensuring customers receive the discounts they are entitled to. In response, QBE acknowledged the issue, stating that it had self-reported the failures to ASIC in October 2022 and has since taken steps to address the concerns following an external review of its pricing practices.
This case serves as a reminder for policyholders to regularly review their insurance policies and ensure they are receiving the discounts and benefits promised by their insurers. Staying informed and vigilant can help consumers safeguard their financial interests.
