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Member, Beacon International Group, Ltd.
BRUSSELSNeelie Kroes, the European commissioner for competition, has today urged insurance buyers to actively participate in the debate about competition in the European business insurance market.
At a public hearing in Brussels to discuss the preliminary findings of an E.C. sector inquiry into the commercial insurance market Ms. Kroes encouraged customers of business insurance providers to alert the commission of any potentially anti competitive practices in the markets. The preliminary report published late January highlighted several areas of concern including a lack of transparency of broker remuneration. Irmfried Schwimann, head of unit financial services at the E.C. said the commission would like to talk more "intensively" to business insurance clients to help it assess the situation.