Turkish Competition Board fines 5 undertakings operating in the insurance market

Turkish Competition Board fined five undertakings operating in the market of voluntary insurance for projects with high risk capacity including project finance as they infringed Article 4 of the Competition Act prohibiting anti-competitive agreements. In this context, Allianz Sigorta A.Ş. and Dubai Starr Sigorta A.Ş. were imposed fines representing 0.3% of their 2018 turnovers, Eureko Sigorta A.Ş. was imposed a fine representing 0.8% of its 2018 turnover whereas HDI Sigorta A.Ş. and Sompo Japan Sigorta A.Ş. were imposed fines representing 0.2% of their 2018 turnovers. Turkish Competition Board decided that Aksigorta A.Ş, Axa Sigorta A.Ş. and Zurich Sigorta A.Ş. did not infringe the Competition Act in the same decision. The press release dated 28.1.2020 about the decision, dated 23.1.2020 and numbered 20-06/61-33, is available via https://www.rekabet.gov.tr/tr/Guncel/sigorta-pazarinda-faaliyet-gosteren-seki-4de8040ac641ea11810f00505694b4c6