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IAG (ASX:IAG) Is Being Sued, Share Price Falls

The Insurance Australia Group Ltd (ASX:IAG) share price has fallen this morning because the company made shareholders aware it's being sued. 

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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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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