Allianz units fined for mis-selling travel insurance policies

An Australian court fined two local units of German insurer Allianz SE $1.5 million Australian ($1.12 million) for mis-selling travel insurance policies through Expedia websites, Yahoo News reported citing Reuters. The units Allianz Australia and AWP Australia have been accused of selling travel policies to ineligible customers and for not divulging the premium calculation methods.