Selling junk insurance has turned out badly for Allianz and Suncorp.
From the article:
“The refunds offered by Allianz, together with those from other insurers, make up one of the largest compensation programs achieved by ASIC,” says acting chair Peter Kell.
“Our message to insurers is simple: the needs of your customers must come first in the design, price and sale of your products.”
Allianz will be issuing refunds for four of its add-on products, which were sold to 68,000 people between 2010 and 2017.