Italy’s Generali, UnipolSai to appeal misconduct fine

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FILE PHOTO: The Generali logo is seen at the company's building in Milan, Italy

MILAN -Italian insurers Generali and UnipolSai said on Tuesday they would appeal against the competition regulator’s decision to fine them 5 million euros ($5.1 million) each for unfair commercial practices.

Italy’s AGCM watchdog said earlier on Tuesday the two companies behaved in a way that considerably restricted consumers’ freedom of choice over compensation for motor insurance claims.

“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,” Generali, Italy’s largest insurer, said in a statement.

Separately, UnipolSai said it “always paid special attention to claims management, investing in the constant improvement of processes to ensure customer service, compliance with regulations and the fight against fraud”.

($1 = 0.9799 euros)

(Reporting by Claudia Cristoferi and Andrea MandalàEditing Kirsten Donovan and Mark Potter)