Key points: Swann Insurance to refund some customers after ASIC reviewed the sale of add-on insurance by car dealerships; Consumer Action policy officer Susan Quinn said it had been an ongoing scandal
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Allianz (Allianz Australia Insurance Limited) will refund $45.6 million to 68,000 customers for add-on insurance sold through car dealerships that were of little to no value. ASIC had a number of concerns about the design and sale of a range of Allianz add-on insurance products sold through car.
Swann Insurance will offer to refund 67,960 customers $39 million paid for add-on insurance products bought through car and motorbike dealerships that were of low or no value. The refund program covers six different add-on insurance products sold by Swann that: made payments towards the customer’s.
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