Italian Competition Authority Probes Insurance Companies Over Motoring Settlement Payments

   By Cecilia Butini 
 

The Italian competition authority AGCM said Wednesday that it has launched an investigation into Assicurazioni Generali SpA's Generali Italia, Allianz SE's Italian subsidiary and UnipolSai Assicurazioni SpA over their handling of some car-insurance settlement payments.

All three companies are alleged to have engaged in "aggressive" trade practices relating to third-party liability car-insurance contracts, according to the authority.

According to AGCM, Generali and Allianz exceeded a time frame for the processing of some third-party liability car insurance settlement payments, which affected customers' rights. The authority also said UnipolSai and Generali engaged in "misleading" trade practices when they didn't disclose criteria they used to formulate settlement offers.

AGCM inspected the offices of the three companies on Nov. 26 together with the Italian financial crimes police unit, it said.

Generali Italia said in a statement that all of its practices toward customers are fair, and that it will collaborate with the authority in the probe.

Allianz said it is collaborating with the authority and that it is confident it will be able to demonstrate the company's attention to the issues under investigation.

UnipolSai didn't respond to a request for comment.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

December 02, 2020 06:12 ET (11:12 GMT)

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