Insurance company, QBE Insurance Group (ASX:QBE):
has identified instances where the policy pricing promise was not fully delivered.
Which is code for: “ripping off customers”. The admission is as a result of ASIC’s industry review.
QBE will record a provision […] of US$75 million before tax.
Which is A$109 million. Which makes me think why they decided to report in US dollars instead of AUD.
QBE Group CEO, Andrew Horton said:
We are disappointed by the findings of the review and apologise to those of our customers who have been impacted.
He was quick to point out that:
QBE has been investigating pricing practices dating back several years, across a number of different policy administration systems and products.
Translation: “it’s not my fault I swear”.
Shares down 1.11% at the close.