Competition Commission claims insurance companies have fixed prices for 34 years | The Citizen

“The commission obtained information that indicates that long-term insurers have been sharing price information, which they allegedly use to price and adjust prices of their respective existing and new long-term insurance products,” the Competition Commission said.

They also allegedly shared information about each other’s products, affecting the design and reviews of each company’s products. “For example, both product price and technical information may be considered in the design and review of products, such that product features and pricing is altered to achieve alignment with competitors.”The investigation into the eight companies is ongoing, it said.News24

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EXCLUSIVE | Emails, shared info show decades of price fixing among insurers - competition watchdog | BusinessThe Competition Commission believes several life insurance giants have been colluding to fix prices for 34 years. News24 gained access to court documents that allowed the Competition Commission to raid insurers last year. Not surprised at all 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. Nazo!
Source: News24 - 🏆 4. / 80 Read more »