Five insurance companies sanctioned in Turkey

TurkeyThe Turkish Competition Authority has fined Allianz Sigorta, Dubai Starr Sigorta, Ergo Sigorta, Eureko Sigorta and Sompo Japan Sigorta for violating competition laws.

At the end of January 2020 and after several months of investigation, the supervisory authorities announced the sanctions. The companies concerned will be urged to pay fines ranging from 0.2% to 0.8% of their annual revenues as from 2018.

The investigations, which originally involved eight insurance companies, began in June 2018. The proceedings against AKSigorta, Axa Sigorta and Zurich Sigorta have been dismissed. Nevertheless, penalities for infringement of competition laws have also been enforced on certain banks.

Read also | Turkish insurance market

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