Insurance

Three syndicates of Lloyd's London have failed in their bid to toss a case brought by National Australia Bank seeking £357 million ($655 million) in insurance claims relating to two consumer redress schemes in the UK.

A judge has approved a common fund application in a class action against two IAG entities over add-on insurance said to be worth up to $1 billion, saying it was only fair to make all group members pay to fund the litigation.

Insurance broker Jardine Lloyd Thompson is facing a second class action on behalf of local councils claiming it charged inflated premiums.

The Australian Competition and Consumer Commission has taken private health insurer Medibank to court for falsely telling consumers they were not eligible for certain coverage under their insurance policies, with over 800 policy holders denied coverage for joint investigation or reconstruction procedures.

Two units of global insurer Lloyd's have launched a constitutional challenge to a Federal Court order requiring accounting firm Pitcher Partners to hand over certain insurance documents in two shareholder class actions.

Allianz Australia will refund over $8 million in fees and premiums to customers who were sold worthless cover they were not eligible to make claims under, including teenagers who were sold death cover.

The lead applicant in a class action over the Carwoola bushfire has been given the greenlight to go after CGU Insurance for loss and damage caused by the 2017 fire, which was allegedly sparked by the now insolvent Advanced Plumbing and Drains.

A class action against National Australia Bank over allegedly worthless consumer credit insurance could be referred to the Full Federal Court just three months out from trial, amid concerns that the class action was not validly commenced.

A judge has questioned a common fund application in a class action against two IAG entities over allegedly worthless add-on insurance, saying there may be a "degree of chaos" if the order was approved only to be undone by a pending High Court decision.

Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.