$170 Million Insurance Payout in 2025: More than 2 million people in Australia are able to get financial assistance from the Allianz Insurance Company in the country. A case is currently going on against the company for cheating its customers. Which is expecting to release approximately $170 million settlement amount to more than 2 million people in the country. There are thousands of people who have purchased additional add on insurance over their usual car insurance due to force by the company. But their insurance did not help them to cover the loss. So these all affected people can get the huge amount under the Allianz’s settlement case 2025.
If you are also living in Australia and dealing with the Allianz’s company then you can check this article where we will share with you detailed information of the settlement case including what the court have said, who can claim the benefits, how much you can get, how to claim the benefit etc.
$170 Million Insurance Payout in 2025
The Allianz’s is one of the famous insurance companies in Australia which is offering car insurance to their customers. The company contacted the car dealers in the country in 2006 and offer them high commission to sell add-on insurance to their customers such as loan production, Motor equity insurance and additional insurance to extend the warranty of the Motor Parts of the vehicle. Millions of Australians were forced to buy such add on loans in their existing car loan, and both company and dealers earn a huge revenue from this deal.
But the report finds that these additional insurance are not beneficial for car owners.
File the suit by Stakeholders
Two stakeholders including Maurice Blackburn and Johnson Winter Slattery file a lawsuit against the Allianz’s Insurance Company in the court. They claimed that the company has sold these additional insurance to their customers forcefully with the help of car dealers. Car dealers were getting a huge commission from the Insurance company to send their additional products to their customers.
They tell the court that most of these additional insurance are not giving covers to their customers and their only getting a very little amount to cover their loss under these add on insurance from the company.
The car owners were already have insurance which was provided by the dealer at the time of purchasing the car, but they were forced by the dealers to purchase additional products from the company. So most of the dealers sold such products without informing the benefits of features of the plan, So many of them purchased such products by considering a suggestion from the dealer.
$1.6 Billion Premiums paid by Customers
The Australian Securities and Investments Commission (ASIC) released a report of the Allianz’s Insurance Company, where the report that company have received more than 1.6 billion dollar premiums from the customers between 2013 and 2015. These all premiums are paid by thousands of australians to purchase necessary add-on products.
Apart from the premium, paid by the customers, only $144 million amount is used to recover the loss of the individuals in this time period between 2013 to 2015. So most of the people were not provided the benefit and recovers from the product or received a very little amount accordingly.
$170 Million Settlement Amount
During the discussion of the case in the court, the petitioners are demanding from the company to release approximately $170 million amount to all the affected people from the insurance cheat. However the final decision will be made by the court soon after hearing all the cases and reports. But once if the company fails to protect themselves in the court, then then need to pay the settlement amount to all the affected people accordingly.
Who can claim the Settlement Payment
The case in the court for Allianz’s Insurance Company is filed for forcefully selling the insurance to their customers between 1 June 2006 to 27 September 2021. So if you are one of those people who purchased the additional add on insurance from the company for your vehicle then you can claim the settlement amount from the authority after making the final decision by the court. If the settlement payment approved in the court, then it will be a be a big victory for more than 2 million people in Australia who did not clam their benefits due to deficiency in the insurance product.
