Italy watchdog fines UnipolSai, Generali for unfair commercial practices

Italy's competition authority AGCM fined Generali and UnipolSai, the country's two top insurance groups, five million euros ($5.1 million) each for allegedly carrying out unfair commercial practices, the authority said on Tuesday. According to the watchdog, the two companies behaved in a way that considerably restricted the consumer's freedom of choice with regards to compensation for motor insurance claims. paying the utmost attention to compliance with regulations at every stage of the claims settlement process," it said in a statement.

Italy's competition authority AGCM fined Generali and UnipolSai, the country's two top insurance groups, five million euros ($5.1 million) each for allegedly carrying out unfair commercial practices, the authority said on Tuesday.

According to the watchdog, the two companies behaved in a way that considerably restricted the consumer's freedom of choice with regards to compensation for motor insurance claims. Generali, Italy's largest insurer, said in a statement it deemed the watchdog's charges "unfounded" and wanted to appeal the decision.

"Generali Italia always guarantees the widest care and protection for clients and third parties who were damaged... paying the utmost attention to compliance with regulations at every stage of the claims settlement process," it said in a statement. UnipolSai was not immediately available for comment.

($1 = 0.9799 euros)

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