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Ireland: Competition Commission to investigate Motor insurance pricing

By  |  September 13, 2016

The Competition Commission has launched an investigation into pricing in the motor insurance market.

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    A number of companies and industry groups representing insurers and brokers have been issued with requests for information and witness summonses.

    The Commission says statements by senior industry players have raised serious suspicion as to whether there is a link between these messages and subsequent price increases.

    According to Isolde Goggin, CCPC Chairperson, “Markets work best where businesses vigorously and independently compete against each other for customers. Statements signalling future pricing predictions or intentions may result in a degree of unspoken coordination, which may breach competition law. Statements by senior industry players have raised serious suspicion as to whether there is a link between these messages and subsequent price increases.

    The Commission says it has been monitoring the industry and if necessary they will take action to stop specific anti-competitive practices in the motor insurance sector.

    Full Content: Today FM

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