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Prosecutors raid offices of insurers accused of price collusion

Posted On: Nov. 16, 2022 9:18 AM CST



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.