The Competition Commission has raided the offices of the country's biggest insurance companies following suspicions of collusion.
Mpho SibanyoniThe Competition Commission has raided insurance companies in three provinces. Old Mutual Insure was one of the firms implication in anti-competitive behaviour.The Competition Commission has raided the offices of the country's biggest insurance companies following suspicions of collusion.
The firms in the multibillion-rand industry are accused of collusion when it comes to the pricing of retirement annuities and risk-related"The companies under investigation operate within the long-term insurance market. The most common form of investment-related product offered by the companies is retirement annuity, which becomes payable to the insured upon retirement."
"According to the information at the disposal of the commission the companies under investigation share information on premium rates for risk-related products and fees for investment products, which enables them to a"The search and seizure operations are being conducted as part of an ongoing investigation that was initiated by the commissioner in January 2021. The operations are being conducted at five sites in Gauteng, two in Western Cape and one in KwaZulu-Natal.