The Insurance Australia Group Ltd (ASX: IAG) share price has fallen this morning because the company made shareholders aware it’s being sued.
Insurance Australia Group is Australia’s largest insurance business, its direct heritage dates back to 1920. Its businesses underwrite over $11.4 billion of premium per annum, selling insurance under many brands, including: NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance and WFI (Australia); and NZI, State, AMI and Lumley Insurance (New Zealand).
IAG Is Being Sued
It is one of those brands, Swann Insurance, that has had proceedings filed against it and IAG.
The law firm Johnson Winter & Slattery has filed a case in the Federal Court of Australia on behalf of Jones Asirifi-Otchere.
IAG didn’t reveal any other details, but I expect we will learn more as time progresses. It isn’t been a great period for the insurance giant with storms hurting profit and a negative hit to reputation from the Royal Commission.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.