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Australian regulator files suit against Allianz Australia over travel insurance sales

FILE PHOTO: Flags with the logo of Allianz SE, Europe's biggest insurer, are pictured before the company's annual shareholders' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle

(Reuters) - Australia's corporate regulator said on Wednesday it started civil court proceedings against units of Allianz SE ALVG.DE for misleading consumers through the sale of travel insurance products on websites run by Expedia EXPE.O.

Between February 2015 and September 2018, the Australian Securities and Investments Commission (ASIC) alleges that Allianz Australia Insurance and AWP Australia failed to disclose how it calculated premiums for travel insurance products and sold it to ineligible customers.

Allianz in an email response to Reuters acknowledged the ASIC suit, but declined to comment further.

The ASIC is seeking monetary penalties against Allianz Australia and AWP, it said.

Reporting by Sameer Manekar and Nikhil Kurian Nainan in Bengaluru, editing by Louise Heavens

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