Op risk data: Aussie insurers caught out in chronic pricing misconduct

Also: JP Morgan settles Epstein lawsuit; US in crypto clampdown. Data by ORX News

Credit: Timon Schneider/Alamy Stock Photo

A trio of Australian insurance firms have made June’s top five losses, after a decade of warnings from the Australian Securities and Investments Commission concerning pricing misconduct. On June 23, 2023, Asic announced that 11 general insurers would repay customers a total of A$815.6 million ($552.3 million) for failing to honour pricing promises. The largest loss was to Insurance Australia Group (IAG), at a sizeable A$487.2 million, while third and fourth place respectively go to RACQ

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