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General insurers to pay back A$815m for broken pricing promises

Australian dollars
Photo: Getty Images

Over 5.6 million Australian consumers are believed to have been overcharged by pricing failures.

Remove unnecessary pricing complexity and fix your systems, practices and controls so you can deliver on the pricing promises made out to customers – that is the core message the Australian Securities & Investments Commission (ASIC) is sending to general insurers, urging the industry to improve its pricing practices.

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