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Ireland: Regulator warns motor insurers on talking up prices

 |  October 13, 2015

The Competition and Consumer Protection Commission was responding to comments by the head of Insurance Ireland that motor rates are to rise by 25pc in 2016.

New figures from the Central Statistics Office show that motor-insurance premiums have already shot up by close to 27pc in the year to September.

This means that a €600 premium will have gone up by €160.

Now a letter from the commission has questioned whether Insurance Ireland has been sending anti-competitive signals to the market about price rises.

At a media briefing last month, the chief executive of Insurance Ireland Kevin Thompson indicated that motor premiums were due to go up by another 25pc in the coming year.

Mr Thompson said at the time: “We can only see further upward pressure on premiums.”

Asked about the double-digit increases in premiums last year, he added: “We could see the same again next year.”

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