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.
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.
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.