The National Competition Commission sanctions six insurance companies for price-fixing

The National Competition Commission has sanctioned six insurance companies with a 120.7 million Euros fine for creating a cartel to set a minimum price for the so-called decennial insurance of building liability (a compulsory insurance that builders and developers must contract for every housing construction to guarantee the property damages occurred during the following ten years due to faults related to mechanical strength or building stability), from 2002 to 2007.

The fined companies are Asefa (27.759 million Euros), Mapfre Empresas/Mapfre Re (21.632 million Euros), Caja de Seguros Reunidos (Caser) (14.241 million Euros), Suiza/Swiss Re (22.641 million Euros), Scor (18.599 million Euros) and Münchener (15.856 million Euros).

Mandatory insurance