Allianz Australia Insurance Limited (Allianz)
(ALZ1) 15 June 2022
Allianz pleaded guilty to six criminal charges, and AWP Australia Pty Ltd (AWP) to one criminal charge, for making false or misleading statements.
Between 2016 and 2018, Allianz and AWP misrepresented the characteristics or level of coverage of travel insurance available for consumers.
This conduct was the subject of the Financial Services Royal Commission (Final Report 1 February 2019).
$10 million in customer remediation from Allianz and AWP to around 31,500 consumers.
$1.5 million penalty handed down by the Court.