"The court imposed the penalties after finding Allianz and AWP engaged in misleading and deceptive conduct when selling travel insurance by failing to correctly state how premiums were calculated and by allowing insurance to be sold to ineligible customers," said the Australian Securities and Investments Commission in a press release. (Photo: Martin Leissl/Bloomberg)
On Sep. 7, an Australian court fined two units of German insurer Allianz SE for A$1.5 million (US$1.12 million) for selling travel insurance to ineligible customers and not disclosing how premiums were calculated, Reuters reported.
The fine concludes a nearly year-long civil lawsuit that was filed on Sep. 30, 2020, by Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC). The lawsuit alleged that two of Allianz's units, Allianz Australia and AWP Australia, engaged in misleading and deceptive practices when selling travel insurance by not providing consumers with correct information on how premiums were calculated and failing to prevent the sale of travel insurance on Expedia to consumers illegible to make claims under policies.
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Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
