Axa

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Group.png Axa  
(Multinational companyWebsiteRdf-entity.pngRdf-icon.png
Axa.png
Predecessor• Anciennes Mutuelles
• Ancienne Mutuelle de Réassurance
• Drouot Group
• Présence Group
• Compagnie du Midi
Formation1816
HeadquartersParis, France
LeaderAxa/CEO
Member ofCentre for European Policy Studies/Corporate Members
SubpageAxa/CEO
French multinational insurance firm with Bilderberg contacts

Axa S.A. (styled as AXA) is a French multinational insurance firm that engages in global insurance, investment management, and other financial services.

Cartel Investigations

  • Together with 10 other companies, AXA Germany was convicted of a cartel conspiracy in 2005. The cartel, which in part continued even after the search operation conducted by the government in July 2002, was mainly based on agreements between the directors of the companies represented in the Special Committee for Industrial Property Insurance (FIS) of the German Insurance Association (GDV). Within the framework of so-called “FIS principles” the parties concerned agreed not to reduce insurance contributions during terms of contract, not to make any backdated premium adjustments, to conclude new contracts only with opt-out and adjustment clauses and to consult each other more in “competitive cases”. These principles were supplemented by further agreements on premium and /or retention increases as well as on the adjustment of contract conditions.[1]
  • The Insurers Allianz, Axa and FBD appeared before the Irish finance committee after it was reported that profits within the Irish industry jumped 1,300pc in 2017. Both Axa, which has a 17.5pc share of the Irish market, and Allianz (15pc) denied there was a cartel operating in Irish insurance.Axa Ireland CEO Phil Bradley told the committee: ‘There is certainly no cartel operating.[2]
  • In 2016, The South Korean fair trade regulator raided 4 companies' headquarters and the General Insurance Association of Korea. The association is suspected to have overlooked the illegal cartel. The FTC said the four companies increased their insurance premium for private and commercial vehicles back to back between April and June in 2014 and given the highly competitive nature of the industry, such a collective premium hike wouldn't have happened without collusion. The insurers denied allegations against them, arguing collusion is "impossible."[3]






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References


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