RACQ faces court over misleading premiums in Australia [Yahoo! Finance]
INSURANCE AUSRLA UNSP/ADR (IAUGY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The practice, which spanned more than five years, potentially distorted customers' perceptions of their policy renewals. Between September 2019 and December 2024, more than 570,000 renewal documents from RACQ Insurance, part of Insurance Australia Group, were sent out with what the ASIC claims were inflated "last period premium" figures. These figures often did not reflect discounts or policy changes that had reduced customers' actual premiums, leading to a misrepresentation of premium increases. ASIC deputy chair Sarah Court said: “During a cost-of-living crisis, we believe RACQ misled thousands of customers by including false comparison pricing in their renewal documents. “Not only do we allege RACQ broke the law, but it was also put on notice by its customers, who complained that the ‘last period premium' amount was misleading, yet RACQ did little about it for more than five years.” In one instance, an RACQ customer's renewal notice indicated a marginal 1.5% premium incr
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