THE Competition Commission conducted search and seizure operations at the premises of eight major insurance companies in South Africa on Thursday, 25 August 2022.
The commission said it had “reasonable grounds” to suspect the companies had engaged in collusive practices in contravention of section 4(1)(b)(i) of the Competition Act.
The companies are alleged to have fixed prices and trading conditions in respect of fees for investment products such as retirement annuity and premiums for risk-related products, including life insurance cover such as dread disease cover, chronic medical condition cover, disability cover, life cover and funeral assistance benefits.
“According to the information at the disposal of the Commission, the companies under investigation share information on premium rates for risk-related products and fees for investment products, which enables them to adjust the prices of their existing and new insurance products,” the commission stated.
The insurance companies targeted in the raids were as follows:
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