The 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.
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.
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