A group of German insurance companies accused of having fixed prices for industrial insurance policies are denying those allegations, according to the Financial Times Information service.
German prosecutors raided the offices of 13 German insurance companies, including those of Allianz, Axa, Gerling, Gothaer and Rheinische Provinzial, searching for evidence of price fixing.
The insurers assert they have been forced to raise fees for industrial insurance policies as a result of losses recorded during the last few years.
If found guilty of price fixing the insurers could face fines of up to 500,000 euros each.
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