Eight South African insurers under investigation

South Africa's competition commission is conducting a search of the premises of eight local insurance companies due to suspicions of potential collusion on their product pricing.

Insurers BrightRock Life, Discovery, FMI (a subsidiary of Bidvest Life), Hollard Insurance, Momentum, Old Mutual, Professional Provident Society and Sanlam have all been accused of sharing information on premium rates for life insurance products among themselves.

According to the commission, this would constitute a breach of the Competition Act.