Australia Court Convicts & Fined Allianz Australia Insurance $8.5 Million & AWP Australia $2 Million for Publishing Misrepresented Travel Insurance Information & Coverage on Internet, Including on Allianz Australia & International Travel Insurance Websites, Allianz Website Advertised Maximum Travel Insurance Benefits Payable But Failed to State Terms & Exclusions
17th March 2025 | Hong Kong
An Australia supreme court has convicted & fined Allianz Australia Insurance $8.5 million & AWP Australia $2 million for publishing misrepresented travel insurance information & coverage on internet, including on Allianz Australia & international travel insurance websites. The Allianz website had advertised maximum travel insurance benefits payable, but failed to state terms & exclusions. Australian Securities & Investments Commission (ASIC, 28/2/25): “The Supreme Court of NSW today convicted and imposed criminal fines of $13.5 million against Allianz Australia Insurance Limited and $3.3 million against AWP Australia Pty Ltd for making false or misleading statements. Allianz Australia Insurance was sentenced for six counts of disseminating information that was false or misleading and AWP was sentenced for one count of disseminating misleading information, contrary to the Corporations Act. The Court found that between 2016 and 2018, Allianz and AWP published information online, including on Allianz’s domestic and international travel insurance web pages, that misrepresented the characteristics or level of coverage of its travel insurance available to consumers. The Allianz website advertised the maximum travel insurance benefits payable to consumers but sometimes failed to state that sub-limits, terms, conditions or exclusions would limit those benefits … … Background – AWP marketed, sold and managed various travel insurance products on behalf of Allianz, the insurer and underwriter. Both Allianz and AWP distributed travel insurance through partners which included airlines, financial institutions, credit card issuers, and travel agencies. Allianz and AWP’s conduct was under investigation by ASIC, and it also became the subject of a case study by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and was referred to ASIC for investigation (21-029MR, 22-144MR). ASIC’s Moneysmart website has information for consumers on choosing travel insurance.”
“ Australia Court Convicts & Fined Allianz Australia Insurance $8.5 Million & AWP Australia $2 Million for Publishing Misrepresented Travel Insurance Information & Coverage on Internet, Including on Allianz Australia & International Travel Insurance Websites, Allianz Website Advertised Maximum Travel Insurance Benefits Payable But Failed to State Terms & Exclusions “
Australia Court Convicts & Fined Allianz Australia Insurance $8.5 Million & AWP Australia $2 Million for Publishing Misrepresented Travel Insurance Information & Coverage on Internet, Including on Allianz Australia & International Travel Insurance Websites, Allianz Website Advertised Maximum Travel Insurance Benefits Payable But Failed to State Terms & Exclusions
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