Offices of German Insurers Raided by Government

July 30, 2002

As part of an investigation into alleged price fixing by industrial property and liability insurers, a German federal agency raided the offices of 13 insurance companies.

According to BestWire, the offices of Allianz AG Holding, Axa, Gerling Global and the German unit of Italian insurer Assicurazioni Generali SpA, among others, were investigated by the Federal Cartel Office, an agency of the Ministry of Economics.

The action was reportedly instigated by complaints within the industry that a number of larger insurers are charging uniform rates.

Companies in a number of industries conducting business in 15 European Union member countries have apparently been subjects of price-fixing investigations by the European Commission over the past several years.

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