The corporate regulator has blasted the insurance industry for failing to pass on discounts to customers, after insurers chalked up more than $800 million in costs amid the spiralling debacle.
After conducting an industry-wide review, the Australian Securities and Investments Commission said “insurers have not done enough to put customers first” when designing and pricing products.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
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