ASIC files suit against Allianz

Australia’s corporate regulator recently began civil court proceedings against units of Allianz SE for misleading consumers through the sale of travel insurance products on websites run by Expedia.

Between February 2015 and September 2018, the Australian Securities and Investments Commission (ASIC) alleges that Allianz Australia Insurance and AWP Australia failed to disclose how it calculated premiums for travel insurance products and sold it to ineligible customers.

Allianz in an email response to Reuters acknowledged the ASIC suit with monetary penalties, but declined to comment further.