ASIC Files Lawsuit Against QBE Insurance for Misleading Discount Practices
ASIC Files Lawsuit Against QBE Insurance for Misleading Discount Practices
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The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against QBE Insurance, alleging that the insurer misled more than 500,000 customers about pricing discounts over a five-year period.
The regulator claims that between July 2017 and September 2022, QBE used a pricing model that reduced the discounts customers were promised, affecting retirees, loyal customers, shareholders, and those with multiple policies or claims-free histories.
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.
Published:Tuesday, 7th Oct 2025 Source: Paige Estritori
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Liability Insurance: Insurance that provides protection from claims arising from injuries or damage to other people or property
