Germany's fragile insurance sector is set for another blow after it emerged last night that at least eight of the country's biggest insurers have been found guilty of price-fixing.
After a year-long inquiry by the Bundeskartellamt (cartel office), the insurers face fines running into hundreds of millions of euros, say people close to the inquiry.
Allianz and Gerling, the two biggest operators, are set to be the worst affected, although both said yesterday they had allocated provisions to cover the risk of being fined.
The other firms facing indictment are Victoria, a subsidiary of Munich Re; AMB Generali; AXA; Gothaer; Provinzial Dusseldorf; and Sparkassenversicherung Stuttgart. HDI, the third-largest industrial insurer, said it was not affected.
The cartel office is expected to convey its decision to the insurers this week. They will have until the end of August to respond before the fine amount is decided.
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