Fianna Fáil TD for Kerry John Brassil says motorists should be told whether an evidence of anti-competitive practices were found as a result of two separate investigations into the motor insurance market.
It’s been more than 18 months since officers from the European Competition Directorate and the CCPC carried out raids at the offices of certain motor insurance providers, brokers and the industry representative body to establish if there was any evidence of anti-competitive practices.
Deputy Brassil said, “Drivers across Kerry are being hit with high motor insurance premiums, however information about possible anti-competitive practices in the motor insurance market has still not been released.
“I am deeply disappointed that, more than 18 months on from these raids, no information has been made available. My colleague, Fianna Fáil Finance Spokesperson Michael McGrath, requested an update from the Competition and Consumer Protection Commission (CCPC) and European Commissioner Margrethe Vestager but neither were in a position to provide any additional information.
“The CCPC has held 55 witness summons hearings and obtained over 1.4 million emails and documents from parties under investigation. The investigation is focused on establishing whether there was any evidence of price signalling by insurance companies – whereby companies co-ordinate prices at the expense of consumers.
“I find the lack of information at this stage of the investigation deeply frustrating, especially when insurance costs are still a major issue for so many people. I am regularly contacted by people who are either being refused a quote or are being quoted unreasonably high premiums.
“At a time when so many businesses are struggling with rising insurance costs, it is vital we find out whether any anti-competitive practices are prevalent in this industry”, concluded Deputy Brassil.