The corporate regulator says its legal action against QBE – alleging it failed to deliver on pricing promises made to more than half a million customers over five years – should serve as a warning to all insurers.
The Australian Securities and Investments Commission will argue that the pricing model applied by QBE to calculate premiums eroded the discounts customers should have received based on offers made by the company.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
