The interests of motor insurance customers must be paramount in the ongoing probe into alleged price fixing in the motor insurance industry, according to Fianna Fáil Spokesperson on Finance Michael McGrath.
Deputy McGrath was responding to the news that insurance companies, brokers and representative bodies for the industry were raided this morning by officers from the Competition and Consumer Protection Commission and the European Competition Directorate as part of an ongoing investigation.
“The number one priority of this investigation has to be to ensure that consumers are protected from any potential anti-competitive behaviour in the insurance industry. It is imperative that the probe reaches a clear conclusion as to whether there are anti-competitive practices across the insurance industry that are having a detrimental impact on consumers.
“Given the dramatic hike in motor insurance premiums in recent years, motorists deserve to know whether coordination across the industry has been a factor. It is undoubtedly the case that many consumers have seen little sign of competition between insurance companies when they have been trying to get a better quote for their own policy. It is important now that the investigation is allowed to take its course and that the direction it takes is evidence-led.
“From our point of view, Fianna Fáil will continue to put pressure on the Government and the insurance industry to introduce the necessary reforms identified in the Cost of Insurance Working Group Report to help bring about a more normal market and reasonable premiums,” concluded McGrath.