Old Mutual Short-Term Insurance Company (OMSIC) has become the latest short term insurer to have entered into settlement agreement with the Namibian Competition Commission over price fixing.
The short term insurance giant together with six other major short term insurance companies were investigated and found to have been involved in collusive behaviour.
The insurance companies are Santam Namibia, Alexander Forbes Insurance Company, Hollard Insurance Company, Old Mutual Short-Term Insurance Company, Outsurance Insurance Company of Namibia, Phoenix Assurance Namibia and Momentum Short-Term Insurance.
Santam and Hollard have admitted already in 2019 that they engaged in ‘’unintended contravention’’ of the Competition Act and have agreed to paying a fine of N$15 million and 5.5 million respectively.
The settlement agreement with Old Mutual took effect on August 10.
According to OMSIC, it has followed all legal procedures as set out in the Competition Act and has
fully cooperated with the Commission throughout its investigations and due consideration having
been had to the potential outcomes in these matters, OMSIC believes that settling the matters outside of court proceedings is in the best interest of all stakeholders.
“As a responsible business always acting in the best interest of our customers, we remain committed
to ensure good governance, whilst strengthening our processes with increased focus on our customers, our environment, and communities in which we operate. OMSIC has further committed to following the subsequent procedures as set out in the Competition Act,” stated acting Executive Marketing, Transformation, and Customer Strategy, Ashanti Manetti.
The investigations also found that on top of setting maximum mark-ups on parts, the insurance companies further imposed maximum labour rates to be charged by panel beaters for the rendering of their services.
Meanwhile, Old Mutual has announced the appointment of Mignon du Preez as the Marketing, Public Affairs, and Sustainability Executive, effective 1 September 2022.
As a member of the Old Mutual Namibia Executive team, Du Preez will lead and manage all marketing, public relations, and sustainability initiatives.
She holds an MBA from the Cardiff Metropolitan University, a Masters in Strategy and Innovation from the Westford University Executive Programme, an International Marketing Higher Certificate and International Management Certificate from the Institute of International Marketing and Management [IMM], and a Change Management Certification from the University of Cape Town.
Before joining Old Mutual, Du Preez had a stint at the Bank of Namibia as Manager for Strategy, Projects, and Transformation. Prior to joining the Bank, she was the Senior Manager for Clients and Industries at Deloitte Namibia.
“In Mignon we have a clear and confident communicator who is people oriented with a high-level of interpersonal awareness. She holds a wealth of knowledge regarding strategic development, planning & implementation, marketing, advertising, and communications as well as brand & image management. We are excited to welcome her to the team and believe she will help to continue to drive our brand forward,” says Tassius Chigariro, Group Chief Executive Officer.