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The Australian Securities and Investments Commission has accused the largest general insurer in Australia of short-changing its customers a staggering $60 million in promised discounts, according to action launched in the Federal Court on Friday.
AMP and a number of its financial planning subsidiaries could face 1.2 million individual claims if they win a bid to declass a group proceeding over allegedly excessive insurance premiums, a judge has said.
Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.
Insurers are misleading policyholders about class actions which seek compensation for those denied business interruption coverage for COVID-related shutdowns, a court has heard.
A law firm representing a property developer in an investigation of a potential class action against failed asset manager Blue Sky Alternative Investments is seeking access to the firm's insurance documents to decide whether it is "worthwhile" to launch proceedings.
While a first test case in NSW rejected insurers' interpretation of infectious disease exclusions in COVID-19 business interruption policies, potentially putting the industry on the hook for billions of dollars in claims, QBE says the law is on its side in Victoria.
The owners and operators of five Melbourne theatres have filed legal action against Ansvar Insurance seeking more than $20 million in business interruption cover for losses stemming from closures during the COVID-19 pandemic.
Avant Insurance has lost a bid to pause an order that it pay $371,000 in the legal costs of a surgeon facing a class action by breast implant patients of defunct clinic the Cosmetic Institute while the insurer's appeal is pending.
The Commonwealth Bank will plead guilty to criminal charges following an ASIC investigation over misleading representations to customers who purchased add-on consumer credit insurance.
Insurance broker JLT Risk Solutions has opposed an application by a group of NSW councils to add misleading and deceptive conduct allegations to a long-running class action, claiming the changes would force the vacation of a five-week trial due to start in October.