Did South Africa's biggest insurers collude on fixing premiums?
On the morning of 25 August 2022, investigators from the Competition Commission descended on the offices of major life insurance companies across the country. Armed with search warrants, the commission's goal was clear: raid the offices of insurers and copy documents and hard drives containing information relating to their day-to-day operations.
Source: Supplied.
The unexpected swoop sent shockwaves through South Africa’s insurance industry. Now, the seized documents and hard drives will be used by the commission to build a case against eight insurance companies suspected of colluding to fix or influence the insurance premiums they charge consumers.
The companies are Old Mutual Insure, Hollard, Sanlam, Bidvest Life, Discovery, the Professional Provident Society, Momentum Metropolitan and BrightRock.
Read the original article on Daily Maverick.
