Loyalty Tax Class Action Settlement

What Happened

A class action was filed against Insurance Australia Limited (IAL) and Insurance Manufacturers of Australia (IMA) alleging they used pricing algorithms to charge higher premiums to loyal customers who were less likely to switch insurers. The case claims this "loyalty tax" reduced or negated promised loyalty discounts without proper disclosure to customers.

Who May Be Eligible

You may be eligible if you are a current or former customer who:

• Held RACV, SGIO, or SGIC home and/or contents insurance policies that were renewed between 29 May 2018 and 28 May 2024, OR
• Held NRMA home and/or contents insurance policies that were renewed between 10 December 2018 and 9 December 2024

How Much Could You Receive

The potential settlement amount has not been disclosed at this time. Any compensation would depend on factors such as the number of eligible participants and the specific impact on individual policies during the relevant periods.

How to Claim

1. Review the eligibility criteria to check if you qualify
2. Register your interest using the online form
3. Gather your insurance policy documents from the relevant time periods
4. Wait for further instructions as the case progresses

There are no out-of-pocket costs for registering your interest.

Important Dates

• Registration deadline: Not yet announced - the case is still active
• Settlement deadline: To be determined