Policyholders press charges against insurers for price fixing

More than 1 500 policyholders have filed a joint lawsuit against seven life insurers. Six of the market leaders including Samsung Life, Kyobo Life and Hanwha Life have been suspected of fixing interest rates to inflate their profits, the interest rate being a determinant factor in the calculation of life insurance premium. Twelve companies had already been convicted and fined in 2011 for similar manipulations perpetrated ​​between 2001 and 2006.