Insurance Business Swedish Competition Authority raids AIG, other insurers

Swedish Competition Authority raids AIG, other insurers The Swedish Competition Authority has raided several insurance companies, including American International Group, according to a Reuters report. The raids were part of an investigation into suspected collusion over tendering for contracts.

According to court documents, raids were carried out at the Swedish unit of AIG Europe, along with insurers IF Skadeforsakring, Trygg-Hansa Forsakring, and Folksam Omsesidig Sakforsakring.

The competition authority has been investigating whether insurers colluded in anti-competitive practices, according to Reuters. A number of insurance brokers have been investigated for suspected market abuse. According to Reuters, the brokers are suspected of having given insurance companies information on rivals’ tenders. That information would allow insurers to change their prices depending on the level of competition.

“I can confirm we have made unannounced visits,” Jimmy Dominius, spokesman for the Swedish Competition Authority, told Reuters.

Folksam confirmed it was raided, but would not comment further. Meanwhile, IF Skadeforakring spokeswoman Caroline Uliana said the company was cooperating with the investigation.
“It is good that they are doing a full investigation of this,” Uliana told Reuters.

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