The National Competition Commission, the CNC, has fined a group of six major insurers a record €120.7 million for price fixing, almost double the previous record held by Telefonica.
The six firms, and their respective fines, are:
- Asefa €27.76 million
- Swiss Re €22.64 million
- Mapfre €21.63 million
- Scor €18.59 million
- Munic Re 15.86 million
- Caser €14.2 million
The Law of Construction Planning of 2002 forced the developers to seek insurance policies to cover possible damage to materials in new buildings for a period of ten years, thus ensuring that compensation would be available in the event of faults or structural defects.
The insurance companies connived to fix the price of insurance policies so that all were offering the same price, thus hindering competition.