The competition watchdog raided the offices of the insurance companies and gathered evidence allegedly showing the price fixing.💵 Find out more here👇
“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
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