NRMA Insurance is refunding tens of thousands of New South Wales drivers after admitting it charged too much for compulsory third party (CTP) cover. The State Insurance Regulator has fined the company $479,500.
The regulator found the insurer short-changed customers on promised discounts and refunds in several cases. The most serious breach was applying the wrong risk ratings to more than 41,000 CTP policies, which overcharged customers by a combined $12 million.
Parent company IAG says it is paying remediation with interest as fast as it can. Anyone owed money should already have been contacted, and most have been paid.
The same weekly wrap noted Roy Morgan research finding almost 32% of home loan borrowers are at risk of mortgage stress, with a fifth rate rise widely tipped for next week. It also reported 37% of middle-income households are food insecure, per Foodbank’s 2026 Hunger Report.
What it means for your money
If you hold NRMA CTP cover in NSW, check your email and mail for a remediation notice and confirm any payment arrived. It is also a good reminder to review your insurance renewals each year and query anything that looks off.
Source: Money Magazine