A new class action alleges IAG unit NRMA slugged returning policyholders with an algorithm-determined “loyalty tax” on their home and contents insurance.
In the tangled legal fallout of the $7 billion collapse of Greensill Capital, the administrator of the failed financier’s bank has secured a so-called anti, anti-suit injunction against an arm of insurer Marsh.
A judge has granted broad discovery to a shareholder class action against IAG over COVID-related disclosures, saying the documents sought were relevant to determining the likelihood the insurer knew of the risk that it would have to pay out business interruption claims covered by polices that referenced defunct legislation.
Two units of insurer IAG have been hit with a class action for allegedly misleading hundreds of thousands of home owners insurance customers about loyalty discounts.
The Fair Work Commission has found that insurer IAG did not unfairly dismiss a veteran employee after a company review of her at-home cyber activity revealed extensive periods of “no or minimal keyboard activity”.
A court has imposed a $40 million penalty on Insurance Australia Limited in a case by the corporate regulator alleging NRMA customers were not paid $60 million in promised loyalty discounts.
Insurance Australia Group is investigating the underwriter behind an allegedly unauthorised trade credit policy issued to Greensill Capital, according to a defence by the insurer in a $43 million case brought by a Credit Suisse supply chain fund left heavily exposed after Greensill’s collapse.
While mostly prevailing in test cases over coverage for COVID-19 business interruption claims, Insurance Australia Group has asked the High Court to weigh in on what it says is a “radical” approach by an appeals court in the treatment of JobKeeper payments.
A Credit Suisse supply chain fund that was left heavily exposed with the collapse of Greensill Capital alleges Insurance Australia Group owes $43 million under a policy indemnifying it for outstanding debt owed by the failed financing firm.
An appellate victory by insurers in a test case over business interruption coverage for losses stemming from the COVID-19 pandemic does not spell the end to class actions brought on behalf of businesses whose claims were denied, according to a lawyer for the class actions.