Allianz accused of putting profit before customers

A series of errors that were allowed to sit on Allianz's website - in some cases for almost six years - shows the insurer cares more about profit than customers, it has been alleged.

Misleading statements relating to travel, home, car and life insurance were identified but not removed. Some errors relating to travel insurance dated back to 2012 and were only fixed this year.

They included incorrect assertions that the basic travel policy had unlimited medical expenses cover, and that travel policies gave coverage in all countries.

Counsel Assisting Rowena Orr put it to Chief GM Retail and Distribution Michael Winter that Allianz did not take the website down, or even consider it, or report the matter to ASIC, even though there was a clear breach of financial services laws.

"Allianz did not care enough to fix it," she said, because taking down the website would "cost the company money".

"At Allianz it is more important to protect the bottom line than to stop misleading customers," she said.

Mr Winter says he expects to meet with ASIC soon to propose a remediation program.