PARIS (Reuters) – Reinsurer Scor has lodged a complaint with the European Commission about what it considers Caisse Centrale de Reassurance's (CCR) unfair dominance of France's natural disaster reinsurance market, Scor said on Friday.
Scor wants a change to a 1982 French law allowing CCR to provide natural disaster reinsurance coverage across France with an exclusive full state guarantee, arguing it is a distortion of fair competition.
"The exclusive nature of this guarantee … gives CCR a de facto virtual monopoly, enabling it to control a market share of over 90 percent," Scor said in a statement.
Scor's decision to turn to the European Commission, which enforces EU anti-trust rules, follows a ruling by the French Constitutional Council on Friday that the state guarantee was in line with the French Constitution.
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