-The Australian Securities and Investments Commission on Tuesday initiated Federal Court proceedings against RACQ Insurance, a unit of Insurance Australia Group, alleging the insurer misled thousands of customers with false premium comparison pricing in renewal documents over a five-year period.

Between September 2019 and December 2024, Royal Automobile Club of Queensland Insurance sent over 570,000 renewal notices containing a “last period premium”, an amount that ASIC claims was often inflated compared to the actual amount customers paid.

In some cases, this distortion led to a significant misrepresentation of premium increases, ASIC alleges.

Insurance Australia Group, the country’s biggest general insurer, had completed its acquisition of a 90% stake in RACQ Insurance earlier this mo

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