ASIC reprimands insurance industry for selling junk products

By Esther Han
Updated February 17 2017 - 6:20pm, first published 5:07pm
Claims ratios for add-on insurance purchased through car dealers are less than 10 cents in the dollar. Photo: Louie Douvis
Claims ratios for add-on insurance purchased through car dealers are less than 10 cents in the dollar. Photo: Louie Douvis
ASIC chief Greg Medcraft said the facts about add-on insurance were "shocking". Photo: Dominic Lorrimer
ASIC chief Greg Medcraft said the facts about add-on insurance were "shocking". Photo: Dominic Lorrimer

The corporate watchdog has sharply rebuked the insurance industry for selling "appalling" and "shocking" add-on insurance products that are "deteriorating" consumer trust.

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