An insurer has been pushed to remove misleading promotional statements from its website after ASIC raised concerns regarding the advertisements’ accuracy.
ACE Insurance and Tiger Airways Australia promoted Tigerinsure travel insurance policies on their websites, which included claims that policies covered flight cancellation and amendment, loss of deposits and cancellation charges.
However, the Tigerinsure policies exclude cover for Tiger Airways’ delays, cancellation and rescheduling.
ASIC expressed concern over the websites representation of the policies, arguing that the promotions were not consistent with the cover as set out in the product disclosure statements.
ACE Insurance and Tiger Airways Australia have since removed the misleading promotional material from their websites.
ASIC Deputy Chairman Peter Kell says: “Insurance and other financial products should not be promoted in a way that misleads consumers about the price and benefits of the product.”
“Consumers should be confident that they are paying the price and getting the benefits that they understand they are getting,” Kell adds.
“ASIC will continue to monitor advertising to ensure it is not misleading.”