“After analysing the decision of the Competition Authority that sentenced Zurich Portugal for an alleged practice of fixing prices and sharing information on large customers in the contracting of the occupational accidents branch, Zurich Portugal reaffirms that it does not agree with the conclusions of the Competition Authority and has filed an appeal before the Competition Court”, the insurer said in a statement.
Zurich Portugal said that it has again reviewed the internal processes and procedures, involving an external opinion and, once again, has not found any loopholes that could violate legal, regulatory or internal rules.
“On the contrary, the analysis continues to result in the firm conviction that the decision issued by the Authority is not duly supported, and Zurich Portugal is not satisfied with what is alleged there in the decision and conviction,” they said.
Zurich Portugal, which is part of the Zurich Group, also assured that it employs, at all hierarchical levels, people of integrity, who act under the highest ethical standards.~
The AdC disclosed on 1 August that it concluded the investigation into the existence of a cartel in the insurance sector with the conviction of Lusitania and Zurich and two directors to pay a fine of €42 million.
This amount came over and above €12 million already paid by Fidelidade and Multicare, within the scope of the same lawsuit.
According to AdC, the companies involved in the cartel agreed the amounts they presented to large corporate clients in the contracting of occupational accident, health and car insurance, always presenting higher amounts, so that the incumbent insurer would always keep the client.
The investigation started in May 2017, following a tip-off and subsequent request for clemency submitted by Seguradoras Unidas, to AdC, which was then followed by Fidelidade and Multicare.
In June and July 2017, the AdC raided the premises of the target companies, located in Greater Lisbon, and on 21 August 2018 made formal accusations against five insurers: Seguradoras Unidas, Fidelidade, Multicare, Lusitania and Zurich along with 14 members of the management and boards of these companies.
Fidelidade and Multicare benefited from an exemption of the fine as it was the first company to denounce and present evidence of participation in the cartel.
AdC concluded that Lusitania’s involvement in the cartel was in occupational and car accident insurance, while Zurich’s was in work accidents, at least between 2014 and 2017.