According to news reports, from the Associated Press, Reuters and other sources, Germany’s Cartel Office has levied fines totaling 130 million euros ($170 million) against 10 companies charged with having colluded to increase industrial insurance premiums on general insurance and liability policies.
The AP named the 10 companies as follows:
– Allianz AG’s German property and casualty arm Allianz Versicherungs AG;
– French AXA SA’s German unit AXA Versicherung AG;
– Aachener und Muenchener Versicherung AG, a subsidiary of Italy’s Assicurazione Generali SpA’s German unit AMB Generali Holding AG;
– Gerling-Konzern Allgemeine Versicherungs AG;
– HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit, now known as Talanx AG;
– Gothaer Allgemeine Versicherung AG;
– Mannheimer Versicherung Aktiengesellschaft;
– R + V Allgemeine Versicherung AG;
– Victoria Versicherung AG, part of Munich Re AG’s Ergo Group; and -Wuerttembergische Versicherung AG.
The cartel office concluded that the net effect of the premium increases reduced competition between the insurance companies to the detriment of their clients.
The companies have two weeks to appeal the fines. Although none of them have so far made official announcements, Allianz, AXA and Munich Re’s Victoria have reportedly indicated that they intend to do so.
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