Weekend Update: ASIC investigations, Google ditches insurance and more results

Weekend Update: ASIC investigations, Google ditches insurance and more results

Weekend Update: ASIC investigations, Google ditches insurance and more results Making news this week, ASIC concluded its investigation into a major insurer which now faces a 7-figure payout, Google will reportedly drop its insurance plans and a major player announces strong results.

ASIC accepted an enforced undertaking from ACE following an investigation into the Combined Insurance brand owned by the international insurer.

ACE is now required to implement a remediation plan to compensate affected customers, make a $1 million donation to financial counselling and financial literacy initiatives and appoint an independent expert to review Combined’s compliance systems.

Earlier this week, it was reported that tech-giant Google would shut its insurance comparison sites in both the United States and United Kingdom a year after announcing a further push into the US market.

Finally, QBE joined other listed companies in releasing their results this week which named the Australian market as a key focus of growth for the business.  

The company announced that Gross Written Premium had dropped 7% whilst net profit after tax rose by 1% in the “toughest marketplace,” in memory.