More than 200,000 Australians are set to receive payouts from a $170 million class action settlement against insurer Allianz, marking one of the largest consumer class actions in the country's history. The case, led by law firm Maurice Blackburn, followed a six-year legal battle over "add-on" insurance products such as Loan Protection Insurance, Motor Equity Insurance, Extended Motor Warranty and Tyre and Rim Insurance, which were routinely sold to car buyers taking out loans but which a government watchdog found offered little or no real benefit.

Customers are said to have paid more than $1.6 billion in premiums for these policies, of which only $144 million was ever paid out in claims, while car dealers earned $602 million in commissions for selling them. Policies taken out between 2006 and 2021 are covered by the settlement, with payments expected to land in bank accounts before Christmas; one claimant was told to expect $555.52, thought to be a typical amount. Those with surnames from A to M must lodge their claim by Wednesday, after which the remaining beneficiaries will be notified.