Could you be one of the Aussies eligible to claim your share of a massive $815m insurance cashback?

Did you know you might just be able to claim a share in a whopping $815 million from overcharged insurance policies?



The Australian Securities and Investments Commission (ASIC) released a report revealing that general insurers have overcharged more than 5.6 million consumers over the years and are now required to make repayments on this enormous sum.

The cause? A rather complicated cocktail of systemic pricing failures across the majority of insurers, overcomplicated pricing promises and practices, and persistent underinvestment in systems, controls and data.


Screen Shot 2023-06-28 at 1.08.48 PM.png
Millions of Aussies are owed a refund after being overcharged on insurance policies. Credit: Pexels/Kampus Production.



ASIC went on to explain that these complex pricing practices alone were responsible for at least $379 million of the compensation due. Other contributing factors include allegations of unfair terms and misleading customers, leading to several insurers now facing legal action.

ASIC lambasted these insurers, stating that they had been previously warned about pricing risks but had not taken adequate action. In response, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews to 'find, fix, report and repay' pricing failures in 2021.

Major investigations were subsequently launched into the overcharging of customers and suspected failures to deliver promised discounts. The insurers in question reviewed 2000 price promises across more than 500 general insurance products and 50 brands.



ASIC Deputy Chair Karen Chester commented, 'It is beyond disappointing that despite past ASIC warnings and action, it took our further direction in late 2021 for general insurers to comprehensively find, fix and repay their customers for these broken promises.'

Chester noted, 'Earlier action by insurers would have avoided much of the consumer harm we now see, with $815 million in remediation.'

So, which companies have found themselves in the hot seat? The insurers investigated by ASIC include most of the general insurance market. Therefore, it is very likely that you’ve overpaid on insurance policies if you're insured with one of the following insurers:
  • RACQ Insurance
  • Insurance Australia Group (Including Insurance Australia and Insurance Manufacturers of Australia)
  • Allianz Australia General Insurance
  • QBE Insurance
  • AAI Limited
  • The Hollard Insurance Company
  • Youi
  • Allianz Australia Insurance
  • Auto & General Insurance Company
  • Hollard Insurance Partners


ASIC has also not shied away from taking legal action, commencing proceedings against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises or for misleading customers.

As for the $815 million remediation, Chester has stated that the ball is now in the insurers' court to ensure the 'prompt and full repayment' of this amount to their estimated 5.6 million customers.

Key Takeaways

  • One in three Australians is owed a share of $815 million in cashback from being overcharged on insurance policies, according to a report by the Australian Securities and Investments Commission (ASIC).
  • The overcharging was caused by systemic pricing failures and unnecessarily complex pricing promises and practices across the majority of insurers.
  • Insurers had been on notice for years about pricing risks but had not taken action. In 2021, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews.
  • Legal proceedings have commenced against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises and misleading customers.



How to claim

Members, could you be one of the lucky ones to claim a share? We recommend checking with your insurer and ensuring you are rightfully compensated if you're found to have been previously overcharged.

If you spot your name on ASIC's unclaimed money search website and the funds happen to be from a life insurer, you'll need to get in touch with the relevant institution. They're the ones responsible for figuring out who the rightful owner of the money is.

Once your claim is approved, the institution will send a message to ASIC, and then, voila! ASIC will release the funds to the institution, which will then send the money your way.



Now, you might see two names listed on your life insurance policy: the life insured and the policy owner (in brackets). If the life insured's name differs from the policy owner's, then only the policy owner can claim the unclaimed money—unless the life insured can prove otherwise. If you have any questions about the names listed, don't hesitate to contact your insurance company.

So, seize the opportunity, double-check your status, and claim what's yours. We'd love to hear your thoughts on this article. Have you had a chance to visit the ASIC website and check it out yet?
 
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Followed the link you provided—sadly no big bucks coming our way!!
 
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Unfortunately, I already had my money from a Funeral Fund that I had been paying into since before 2018. Seems the Fund had done the wrong thing in their advertising so they paid all my premiums back plus the interest I would have had on top if I had just banked the money. As I was already settled into another scheme I was going to cancel anyway. Regardless I accepted the money & spent it on things I had done without while paying $83.00 a month to the Funeral Fund. So I really don't think there is money for me there.
 
Is this just life insurance that has over charged ? Or house and car insurance .

Australian senior's insurance is Hollard Insurance
 
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Did you know you might just be able to claim a share in a whopping $815 million from overcharged insurance policies?



The Australian Securities and Investments Commission (ASIC) released a report revealing that general insurers have overcharged more than 5.6 million consumers over the years and are now required to make repayments on this enormous sum.

The cause? A rather complicated cocktail of systemic pricing failures across the majority of insurers, overcomplicated pricing promises and practices, and persistent underinvestment in systems, controls and data.


View attachment 23559
Millions of Aussies are owed a refund after being overcharged on insurance policies. Credit: Pexels/Kampus Production.



ASIC went on to explain that these complex pricing practices alone were responsible for at least $379 million of the compensation due. Other contributing factors include allegations of unfair terms and misleading customers, leading to several insurers now facing legal action.

ASIC lambasted these insurers, stating that they had been previously warned about pricing risks but had not taken adequate action. In response, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews to 'find, fix, report and repay' pricing failures in 2021.

Major investigations were subsequently launched into the overcharging of customers and suspected failures to deliver promised discounts. The insurers in question reviewed 2000 price promises across more than 500 general insurance products and 50 brands.



ASIC Deputy Chair Karen Chester commented, 'It is beyond disappointing that despite past ASIC warnings and action, it took our further direction in late 2021 for general insurers to comprehensively find, fix and repay their customers for these broken promises.'

Chester noted, 'Earlier action by insurers would have avoided much of the consumer harm we now see, with $815 million in remediation.'

So, which companies have found themselves in the hot seat? The insurers investigated by ASIC include most of the general insurance market. Therefore, it is very likely that you’ve overpaid on insurance policies if you're insured with one of the following insurers:
  • RACQ Insurance
  • Insurance Australia Group (Including Insurance Australia and Insurance Manufacturers of Australia)
  • Allianz Australia General Insurance
  • QBE Insurance
  • AAI Limited
  • The Hollard Insurance Company
  • Youi
  • Allianz Australia Insurance
  • Auto & General Insurance Company
  • Hollard Insurance Partners


ASIC has also not shied away from taking legal action, commencing proceedings against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises or for misleading customers.

As for the $815 million remediation, Chester has stated that the ball is now in the insurers' court to ensure the 'prompt and full repayment' of this amount to their estimated 5.6 million customers.

Key Takeaways

  • One in three Australians is owed a share of $815 million in cashback from being overcharged on insurance policies, according to a report by the Australian Securities and Investments Commission (ASIC).
  • The overcharging was caused by systemic pricing failures and unnecessarily complex pricing promises and practices across the majority of insurers.
  • Insurers had been on notice for years about pricing risks but had not taken action. In 2021, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews.
  • Legal proceedings have commenced against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises and misleading customers.



How to claim

Members, could you be one of the lucky ones to claim a share? We recommend checking with your insurer and ensuring you are rightfully compensated if you're found to have been previously overcharged.

If you spot your name on ASIC's unclaimed money search website and the funds happen to be from a life insurer, you'll need to get in touch with the relevant institution. They're the ones responsible for figuring out who the rightful owner of the money is.

Once your claim is approved, the institution will send a message to ASIC, and then, voila! ASIC will release the funds to the institution, which will then send the money your way.



Now, you might see two names listed on your life insurance policy: the life insured and the policy owner (in brackets). If the life insured's name differs from the policy owner's, then only the policy owner can claim the unclaimed money—unless the life insured can prove otherwise. If you have any questions about the names listed, don't hesitate to contact your insurance company.

So, seize the opportunity, double-check your status, and claim what's yours. We'd love to hear your thoughts on this article. Have you had a chance to visit the ASIC website and check it out yet?
It should not be so hard for customers to get their money back & should not be up to us to chase it up as its obvious these companies cannot be trusted, customers should automatically be refunded! Who has time for chasing up this crap anyways, not me unfort! Disgraceful!
 
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Did you know you might just be able to claim a share in a whopping $815 million from overcharged insurance policies?



The Australian Securities and Investments Commission (ASIC) released a report revealing that general insurers have overcharged more than 5.6 million consumers over the years and are now required to make repayments on this enormous sum.

The cause? A rather complicated cocktail of systemic pricing failures across the majority of insurers, overcomplicated pricing promises and practices, and persistent underinvestment in systems, controls and data.


View attachment 23559
Millions of Aussies are owed a refund after being overcharged on insurance policies. Credit: Pexels/Kampus Production.



ASIC went on to explain that these complex pricing practices alone were responsible for at least $379 million of the compensation due. Other contributing factors include allegations of unfair terms and misleading customers, leading to several insurers now facing legal action.

ASIC lambasted these insurers, stating that they had been previously warned about pricing risks but had not taken adequate action. In response, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews to 'find, fix, report and repay' pricing failures in 2021.

Major investigations were subsequently launched into the overcharging of customers and suspected failures to deliver promised discounts. The insurers in question reviewed 2000 price promises across more than 500 general insurance products and 50 brands.



ASIC Deputy Chair Karen Chester commented, 'It is beyond disappointing that despite past ASIC warnings and action, it took our further direction in late 2021 for general insurers to comprehensively find, fix and repay their customers for these broken promises.'

Chester noted, 'Earlier action by insurers would have avoided much of the consumer harm we now see, with $815 million in remediation.'

So, which companies have found themselves in the hot seat? The insurers investigated by ASIC include most of the general insurance market. Therefore, it is very likely that you’ve overpaid on insurance policies if you're insured with one of the following insurers:
  • RACQ Insurance
  • Insurance Australia Group (Including Insurance Australia and Insurance Manufacturers of Australia)
  • Allianz Australia General Insurance
  • QBE Insurance
  • AAI Limited
  • The Hollard Insurance Company
  • Youi
  • Allianz Australia Insurance
  • Auto & General Insurance Company
  • Hollard Insurance Partners


ASIC has also not shied away from taking legal action, commencing proceedings against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises or for misleading customers.

As for the $815 million remediation, Chester has stated that the ball is now in the insurers' court to ensure the 'prompt and full repayment' of this amount to their estimated 5.6 million customers.

Key Takeaways

  • One in three Australians is owed a share of $815 million in cashback from being overcharged on insurance policies, according to a report by the Australian Securities and Investments Commission (ASIC).
  • The overcharging was caused by systemic pricing failures and unnecessarily complex pricing promises and practices across the majority of insurers.
  • Insurers had been on notice for years about pricing risks but had not taken action. In 2021, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews.
  • Legal proceedings have commenced against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises and misleading customers.



How to claim

Members, could you be one of the lucky ones to claim a share? We recommend checking with your insurer and ensuring you are rightfully compensated if you're found to have been previously overcharged.

If you spot your name on ASIC's unclaimed money search website and the funds happen to be from a life insurer, you'll need to get in touch with the relevant institution. They're the ones responsible for figuring out who the rightful owner of the money is.

Once your claim is approved, the institution will send a message to ASIC, and then, voila! ASIC will release the funds to the institution, which will then send the money your way.



Now, you might see two names listed on your life insurance policy: the life insured and the policy owner (in brackets). If the life insured's name differs from the policy owner's, then only the policy owner can claim the unclaimed money—unless the life insured can prove otherwise. If you have any questions about the names listed, don't hesitate to contact your insurance company.

So, seize the opportunity, double-check your status, and claim what's yours. We'd love to hear your thoughts on this article. Have you had a chance to visit the ASIC website and check it out yet?
Was contacted about a court action against the commonwealth bank 🏦 some insurance they offered was incorrect so I contacted the bank couldn't answer the question on the paperwork as continued with class action had an email that I was owed $180 not a large amount but they should be trustworthy which they weren't so do check the register 👍
 
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I have a problem with an unfair increase in my car insurance premium by CGU. I lodged with CGU a formal complaint with a comprehensive justification in November 2022. After a rejection of my complaint in February 2023, a few days later I lodged a formal complaint with the Australian Financial Complaints Authority (AFCA). Unfortunately, until now I had no response.

Are there other readers who have the same concern?

How my case is related to the insurance cashback described in the article.
 
So if
Did you know you might just be able to claim a share in a whopping $815 million from overcharged insurance policies?



The Australian Securities and Investments Commission (ASIC) released a report revealing that general insurers have overcharged more than 5.6 million consumers over the years and are now required to make repayments on this enormous sum.

The cause? A rather complicated cocktail of systemic pricing failures across the majority of insurers, overcomplicated pricing promises and practices, and persistent underinvestment in systems, controls and data.


View attachment 23559
Millions of Aussies are owed a refund after being overcharged on insurance policies. Credit: Pexels/Kampus Production.



ASIC went on to explain that these complex pricing practices alone were responsible for at least $379 million of the compensation due. Other contributing factors include allegations of unfair terms and misleading customers, leading to several insurers now facing legal action.

ASIC lambasted these insurers, stating that they had been previously warned about pricing risks but had not taken adequate action. In response, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews to 'find, fix, report and repay' pricing failures in 2021.

Major investigations were subsequently launched into the overcharging of customers and suspected failures to deliver promised discounts. The insurers in question reviewed 2000 price promises across more than 500 general insurance products and 50 brands.



ASIC Deputy Chair Karen Chester commented, 'It is beyond disappointing that despite past ASIC warnings and action, it took our further direction in late 2021 for general insurers to comprehensively find, fix and repay their customers for these broken promises.'

Chester noted, 'Earlier action by insurers would have avoided much of the consumer harm we now see, with $815 million in remediation.'

So, which companies have found themselves in the hot seat? The insurers investigated by ASIC include most of the general insurance market. Therefore, it is very likely that you’ve overpaid on insurance policies if you're insured with one of the following insurers:
  • RACQ Insurance
  • Insurance Australia Group (Including Insurance Australia and Insurance Manufacturers of Australia)
  • Allianz Australia General Insurance
  • QBE Insurance
  • AAI Limited
  • The Hollard Insurance Company
  • Youi
  • Allianz Australia Insurance
  • Auto & General Insurance Company
  • Hollard Insurance Partners


ASIC has also not shied away from taking legal action, commencing proceedings against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises or for misleading customers.

As for the $815 million remediation, Chester has stated that the ball is now in the insurers' court to ensure the 'prompt and full repayment' of this amount to their estimated 5.6 million customers.

Key Takeaways

  • One in three Australians is owed a share of $815 million in cashback from being overcharged on insurance policies, according to a report by the Australian Securities and Investments Commission (ASIC).
  • The overcharging was caused by systemic pricing failures and unnecessarily complex pricing promises and practices across the majority of insurers.
  • Insurers had been on notice for years about pricing risks but had not taken action. In 2021, 11 insurers representing two-thirds of the general insurance market in Australia were directed to conduct comprehensive reviews.
  • Legal proceedings have commenced against Insurance Australia and RACQ Insurance for allegedly failing to honour pricing promises and misleading customers.



How to claim

Members, could you be one of the lucky ones to claim a share? We recommend checking with your insurer and ensuring you are rightfully compensated if you're found to have been previously overcharged.

If you spot your name on ASIC's unclaimed money search website and the funds happen to be from a life insurer, you'll need to get in touch with the relevant institution. They're the ones responsible for figuring out who the rightful owner of the money is.

Once your claim is approved, the institution will send a message to ASIC, and then, voila! ASIC will release the funds to the institution, which will then send the money your way.



Now, you might see two names listed on your life insurance policy: the life insured and the policy owner (in brackets). If the life insured's name differs from the policy owner's, then only the policy owner can claim the unclaimed money—unless the life insured can prove otherwise. If you have any questions about the names listed, don't hesitate to contact your insurance company.

So, seize the opportunity, double-check your status, and claim what's yours. We'd love to hear your thoughts on this article. Have you had a chance to visit the ASIC website and check it out yet?
So if ya working arse off doing 45hrs wk & still not able to cover already severely pruned budget/trying to bring in sufficient income to cover the bare basics, I'm betting ineligible!
Almost 62yo & losing incentive to work so hard as a cleaner (besides the body pain waking me every day, asking me wtf am i doing!!) Sad sad times for everyone!
 
having an Insurance problem at present with a well known company over a contents claim for damage they only want to pay for a small area and not replace the whole area.Have raised a dispute within the complaints section of the company pending at this stage.Depending on results if no change will move it to AFCA Australian Financial Complaints free and binding on the company of the decision.No name as yet but if the matter is not fixed SDC will be given all details of the dispute and company involved,Not on the ASIC list but could well be an addition to that list.
 
⛔️Warning: there are people trying to get your unclaimed money from you.

As always, there are scammers looking to make $ off of anybody. I looked on the unclaimed money list and loe and behold only a couple of weeks later I received a letter in the post (snail mail) from a place named Greg Evans Recoveries. It said he could get my money for me if I paid $145 to him first. Yeah sure...like I'm going to pay HIM for my own money. Not a chance.

Anyways... watch out for the scamming scoundrels. They're out there and they're always ready to pounce.
 
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