Prosecutors raid offices of insurers accused of price collusion

South Korea’s Seoul Central Prosecutors’ Office raided the offices of seven property insurers on Nov. 15, including KB Insurance Co. Ltd. and Samsung Fire & Marine Insurance Co. Ltd., over allegations of rigging insurance prices for government contracts, Asia Insurance Review reported citing Yonhap News Agency. The seven insurers, which also include MG Non-life Insurance, Hanwha General Insurance, Heungkuk Fire & Marine Insurance, Korean Reinsurance, and Meritz Fire & Marine Insurance, allegedly colluded over prices for covering public rental houses and intentionally allowed KB Insurance to win the contracts.