Italian antitrust authority probing major insurers

Generali, Allianz among eight suspected of blocking competition

Italian antitrust authority probing major insurers

Rome, June 12 - Italy's antitrust authorities launched an investigation Wednesday into eight of the largest insurance companies who operate there. The authorities said they suspect arrangements that would restrict competition were made between such major names as Unipol, Fonsai, Generali, Allianz, Royal Mutual, Catholic Insurance, Axa and Groupama. The firms involved are large players in the life and auto insurance fields, commanding about 80% of premiums paid in Italy, according to authorities. They allege that the companies made agreements to control competition among themselves. The investigation is expected to be wrapped up by June 2014.

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