QBE is “working promptly” to complete its customer remediation program after an internal review found “instances” where pricing promises were not “fully delivered” to policyholders.

The insurer carried out the review after the Australian Securities and Investments Commission (ASIC) last year called on all general insurers to examine their pricing systems and controls to prevent consumer harm as a “matter of priority”. ASIC made the call after launching Federal Court action against IAG over its failure to honour customer discount promises.

QBE will record the provision in its June half financial results and will provide further details on August 11 when the first-half operating performance is released.

Group CEO Andrew Horton says the business is "working promptly to close out our process, and remediate impacted customers”.

“We are disappointed by the findings of the review and apologise to those of our customers who have been impacted,” he said.

The insurer says the findings of the Australian Pricing Promise Review have been reported to ASIC.

ASIC says in a statement to insuranceNEWS.com.au that it has received the findings of the review and will continue to “monitor QBE’s planned course of action to remediate affected consumers”.

“ASIC notes the ASX announcement by QBE following its initial review of pricing practices, finding that some pricing promises were not fully delivered to customers, and estimating the scale and extent of the necessary remediation program,” the corporate regulator says.

The regulator says it wrote directly to the insurer last October setting out its requirements and expectations for conducting the review and has been monitoring the review’s subsequent progress.

According to ASIC, general insurers have reported a significant number of breaches or potential breaches and remediated thousands of customers in relation to failures to honour price discounts promised to customers since January 2018.

More than $400 million in remediation has been paid to over two million home, car, and other insurance customers since 2018.