South Africa
Insurance companies raided by Competition Commission─── 04:59 Fri, 26 Aug 2022
The offices of eight significant insurance companies are being raided by the Competition Commission.
It claims to have solid reasons to think they colluded to set pricing or other terms of trade for a variety of risk-related products.
These businesses include Old Mutual Insurance, BrightRock, Discovery, and Hollard.
The Professional Provident Society, Momentum, Sanlam, and FMI are all included. According to eNCA the commission believes that the companies under investigation shared data on premium rates for risk-related products and fees for investment products.
They were then able to modify the costs of both their current and future insurance offerings.
