In a statement to the ASX, QBE Insurance (QBE) has acknowledged the action launched today by ASIC in the Federal Court of Australia.
"The proceedings relate to previously reported inconsistencies in the delivery of price promises made to customers with caravan, householders, marine and motor policies issued between 1 July 2017 and 24 September 2022.
"Following an external review of its pricing practices in 2022, QBE has taken steps to address the inconsistencies, reported the issues to ASIC and has co-operated with ASIC’s investigation which has culminated in today's development.
"QBE has also undertaken a remediation program to remediate impacted customers as announced to the ASX on 19 July 2022.
"QBE apologises for the inconsistencies. QBE understands the importance of meeting its promises to its customers. QBE will review the pleadings and continue to work with ASIC on these matters."