ASIC sues QBE for allegedly lying about loyalty discounts

ASIC has launched court proceedings against QBE Insurance, alleging the company misled half a million customers over a five-year period about the value of insurance discounts.

Between July 2017 and September 2022, QBE sent renewal notices promising discounts on premiums for a range of general insurance products, including home, contents and car insurance.

More than 500,000 renewal notices offering the discount were sent to retirees, loyalty customers, QBE shareholders, those holding multiple QBE policies, and those holding QBE policies who had made no claims.