Allianz's review process on the website misrepresentations took 10 months and Mr Winter admitted that "we failed to give [the review] the priority it needed".

The review discovered 14 misleading statements in relation to home insurance, four in relation to car insurance, three in relation to life insurance, and one relating to boat insurance.

Many home insurance products were missing sub-limit information and a claim that Allianz "guarateed the quality of its repairs" was incorrect.

"Do you accept that these are troubling misrepresentations?" Ms Orr asked.

"Yes."

"You accept that they may have misled numerous customers and were contrary to financial services laws?"

"Yes."

Mr Winter confirmed that Allianz decided not to report any issues to ASIC.