Spain’s competition authority has launched an antitrust investigation into insurers and brokers, signalling increased regulatory scrutiny of practices across Europe’s travel and health insurance markets, according to industry sources.
The National Markets and Competition Commission (CNMC) confirmed it conducted inspections at the premises of several insurers and brokerages between February 24 and 26, 2026. The inspections form part of a preliminary phase that could lead to formal proceedings if evidence of wrongdoing is established.
Authorities are examining whether companies may have engaged in co-ordinated behaviour in claims handling, including aligning compensation coverage and exchanging sensitive customer information. The probe is also assessing potential co-ordination of professional fees within insurance supply chains.
Sources indicate that such practices, if proven, could raise significant compliance concerns, particularly for travel insurers that rely on cross-border assistance networks and intermediated distribution models. The sector’s dependence on international medical claims management and partnerships with global provider networks may heighten exposure to regulatory risk.
Under European Union rules, any confirmed collusion could constitute a breach of both Spanish competition law and Article 101 of the Treaty on the Functioning of the European Union, potentially resulting in substantial financial penalties for those involved.
The investigation reflects a broader trend of increasing antitrust oversight in Europe’s insurance sector. Previous probes in Spain have examined health insurer partnerships, while consumer advocacy groups in other markets have also raised concerns about competition practices.
The Spanish investigation is not an isolated case. Turkey’s Competition Board opened a formal investigation early this month against 19 companies active in or providing support to the private health insurance market, targeting a wide range of alleged horizontal infringements, including price coordination, customer and market sharing, and sensitive information exchange, as well as potential exclusionary vertical agreements.
The Turkish subsidiaries of Allianz, AXA, and Mapfre are among the companies now under scrutiny. The watchdog said it would investigate whether companies had determined, raised, or maintained premiums; allocated customers, regions, or products; exchanged sensitive information; and entered into exclusionary agreements with healthcare service providers.
Heightened enforcement risks for novel harms to competition are likely to continue, including non-price practices such as labour market restraints and unlawful information exchange. The risk of dawn raids will also remain high, as the Commission and national competition authorities continue to gather information on potential antitrust infringements, especially in consumer-facing industries where the increased cost of living bites most, Kirkland & Ellis LLP highlighted in a report.
