The Competition Commission says it has information that collusive conduct between life insurers has been ongoing since at least 1989.The Competition Commission believes several life insurance giants have been colluding to fix prices for 34 years.
The commission raided offices of Sanlam, Old Mutual, Hollard, Momentum, Discovery, PPS, BrightRock, and Bidvest Life on 25 August 2022. It alleged that these companies – and Liberty, which was not raided on the day – shared passcodes to one another's pricing systems so that they could fix prices of life insurance and investment products, including retirement annuities .
The Western Cape, KwaZulu-Natal and Gauteng high courts granted the Competition Commission permission to raid the insurers' offices after the commission submitted evidence of suspected collusion.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
In the end they’ll get a slap on the wrist and pay some fines, meanwhile I know policy holders that’s been trying to get them to settle valid claims for years, despite even going to the ombudsman (which is funded by the insurers 🙈) scandalous industry.
Check out the banks while you are at it SA has some of the highest banking fees in the world. Banks have been screwing the public for years and continue to do so.
Nazo!
Surprised about this Look at the balance sheets of these companies and you will understand. They dominate us and we are falling for it for years!! O, and just dare putting in a claim.
Not surprised at all