Insurance Australia Group reaches $99 mln settlement over mis-sold insurance

By Reuters 2020-10-06T06:34:00

Insurance Australia Group on Tuesday said it had agreed to a class action settlement involving a gross payment of A$138 million ($99 million) over add-on insurance products sold through motor vehicle and motorcycle dealers.

IAG, Australia’s second-largest insurer by market cap, said the settlement is expected to have a net after tax impact of less than A$50 million on the company’s earnings for the six months ended Dec. 31, 2020.

If you are already registered, please sign in here

Register now for unlimited access

For continued access to free content on the website please take a few moments to register, or sign in if you have already registered.

Keep up to date with the latest industry news
Sign up to enewsletters
Create a profile and post comments on stories