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Junk insurance refunds to exceed $1b

Nov 21, 2018 - Australian Financial Review

Banks and insurance companies could face more than $1 billion in refunds as a result of mis-selling worthless add-on insurance policies such as credit card and tyre and rim cover, a consumer advocacy group has warned.

The Consumer Action Law Centre warned this latent liability extended far beyond CBA, estimating the cost of worthless "junk" insurance policy refunds could cost the industry more than $1 billion.

"Banks and insurers have refunded millions of dollars for junk insurance s...