The seven major German insurers accused of fixing policy prices for industrial clients are continuing to maintain their innocence. With six weeks to go to file their defences to charges brought by the German Government anti-cartel agency the Bundeskartellamt, the insurers have made it clear in public statements that they believe they’re the victims of a misunderstanding.

The Bundeskartellamt actually charged 13 companies after a 12-month investigation, claiming commercial insurance premiums were fixed by agreement between the insurers. The companies involved include companies owned by Allianz, Munich Re, Generali and Gerling. Fines of up to $520 million each are possible.

The German insurance industry has been forced to reform in the past few years, with extensive cross-shareholdings between banks, insurers and industrial giants being unravelled and competition increasing. Many commentators feel the cartel case is a hangover from those bad old days of a few years ago.