The Namibian Competition Commission (NaCC) has collected N$13.1 million in fines from insurance companies found to be engaging in collusive practices.
According to the Corporate Communications Practitioner at the NaCC, Dina //Gowases, the fines stem from investigations into collusive practices in two key areas: panel beating services offered by insurance companies and windscreen repairs.
In the first investigation, the Commission found evidence of insurance companies colluding to set fixed prices for panel beating services, while the second investigation uncovered restrictive agreements between insurance companies and windscreen retailers.
These agreements acording to NaCC findings, are likely to have stifled competition in the windscreen repair market.
“The Commission collected pecuniary penalties between 1st August 2022 and 31st December 2023, amounting to N$13.1 million, from the entities which were found to have contravened the Namibian Competition Act No. 2 of 2003 (the Act),” she said.
She further explained that collected fines will be transferred to the State Revenue Fund.
The Competition Commission relies on government funding and merger filing fees to operate.
