Insurance Australia Group (ASX:IAG) received a statement of claim from law firm Slater and Gordon for a policyholder class action in the Supreme Court of Victoria against its units, Insurance Australia and Insurance Manufacturers, according to a Tuesday filing with the Australian bourse.
The lawsuit filed in May alleges that the units falsely advertised loyalty discounts to its long-term customers between 2018 and 2024 while charging them inflated base premiums, Slater and Gordon's website showed.
Policyholders, at the time of renewal of their home and contents policies, were purportedly charged inflated premiums while being misled into believing they were receiving discounts based on the number of years they had been with the insurer or the number of policies they held with the company, according to the website.
The class action seeks compensation for customers' alleged losses and damages.
Insurance Australia and Insurance Manufacturers said in the bourse filing that they delivered on loyalty offers and denied misleading, adding that they would defend the class action proceedings.
Insurance Australia Group's shares were down almost 2% in recent Tuesday trade.
Price (AUD): $8.52, Change: $-0.13, Percent Change: -1.50%
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