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IAG expects add-on insurance lawsuit to be worth up to $1 billion


Insurance Australia Group Ltd. could be on the hook for up to $1 billion from a class action lawsuit over the sale of "add-on" insurance that was deemed mostly worthless, The Sydney Morning Herald reports. The insurer was sued in April after the Banking Royal Commission accused its subsidiary Swann Insurance of selling 850,000 add-on coverage to auto and motorcycle policies over the last decade.

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