Albania's competition watchdog will launch an investigation regarding the sudden increase of car insurance rates to establish whether insurance companies in Albania have conspired to fix prices, local media reports.

Insurance companies in Albania have increased compulsory vehicle insurance rates two-threefold in February and the Competition Authority (AK) is collecting information on the abrupt price hike after months of cheaper prices following the liberalization of compulsory vehicle insurance rates last year. Albania's Financial Supervisory Authority has admitted that it requested insurance companies to increase prices since the rates following the liberalization of the market were not enough to cover the damages, but it denied any involvement in setting the rates.

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ALBANIA: Competition Authority to investigate compulsory vehicle insurance rates