Insurers deny collusion and price fixing

28 Aug 2022

Maya Fisher-French

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The Competition Commission says it has reason to believe that some of the major insurance companies are involved in anti-competitive behaviour. Photo: Getty Images

BUSINESS

On Thursday afternoon, the Competition Commission tweeted that it was in the process of conducting raids on several large life insurance companies for suspected price collusion. This caused the share prices of companies including Discovery, Momentum, Old Mutual and Sanlam to fall by more than 1%.

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