Ten German insurers to be fined for price-fixing
23 March 2005, BONN - Germany's monopoly watchdog, the Federal Cartel Office, announced fines totalling EUR 130 million (US$ 169 million) on 10 insurers for alleged price-fixing.
23 March 2005
BONN - Germany's monopoly watchdog, the Federal Cartel Office, announced fines totalling EUR 130 million (US$ 169 million) on 10 insurers for alleged price-fixing.
Cartel Office president Ulf Boege announced the fines, with further details to be divulged later on Wednesday.
The action follows several years of investigations by the office of a number of major industrial insurers, including such prominent companies as Allianz, Gerling, Axa, Gothaer, and Victoria.
In the summer of 2002 cartel investigators searched the business premises of several insurance firms under suspicions of fixing the size of a price increase on insurance policies. The office initially investigated 18 insurers, ultimately reducing the final list to 10.
Industrial insurance covers companies against such risks as fire, storm damages or indemnity claims.
In Munich, Allianz confirmed receiving notice of a fine and said it will take legal action to challenge the cartel office decision.
"We have received a notice and aim to file an appeal," a spokesman for the property insurance division Allianz Sachversicherung said.
The spokesman declined to specify the size of the fine against Allianz.
Subject: German news