GVH fines Allianz Hungária and partners


Hungary's Competition Office (GVH) on Thursday announced it had fined insurance company Allianz Hungária and its partners a combined Ft 6.8 billion for fixing vehicle repair fees in 2004 and 2005.

GVH fined Allianz Hungária Ft 5.319 billion, Generali Providencia Biztositó Ft 1.046 billion, The National Association of Car Dealers Ft 360 million, Magyar Peugeot Márkakereskedők Biztositási Alkusz Ft 45 million, Magyar Opelkereskedők Broker Ft 13.6 million and Porsche Biztositási Alkusz Ft 30.7 million for the offense.

The office also investigated the Association of Hungarian Insurers, but found insufficient evidence to continue. GVH uncovered the price-fixing during an on-site inspection in June 2005. The office said Allianz had reached agreements with car dealerships on prices for repair fees each year between 2002 and 2005.

Fees were raised about 10% over the rate of inflation each year, GVH noted. The cartel's actions hurt not only consumers but other market players as well, GVH said. (Mti-Eco, Magyar Hírlap, Napi Gazdaság)


European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.