Updated: 04/07/17 : 11:55:54
Printable Version   Bookmark and Share Share This

national

Price fixing raids on insurance companies and brokers this morning

Officials from the Competition Watchdog have raided a number of insurances companies and brokers as part of an investigation into price fixing.

Officers from the Competition and Consumer Protection Commission carried out the raids this morning on 45 offices.

Last September, the CPCC launched an investigation into the industry amid concerns that companies were openly signaling price increases in breach of competition law.

A number of industry groups were issued with witnesses summons at the time.

Politicians and consumer groups had called for the probe earlier this year after the cost of motor premiums rose by 60% in the past three years.

Sinn Féin Finance spokesperson, Pearse Doherty TD, has said news of raids by competition enforcement officials of offices linked to the Irish insurance industry are welcome although they have come late in the day.

“I welcome news this morning of raids being carried out by Competition Enforcement officials investigating possible cartel behaviour.

"This is good news for consumers that concerns I have voiced for some time about cartelism now are being taken seriously.


“The dramatic spikes in insurance prices across the board, and the fact that the Central Bank has accused the insurers of providing false information to it, point to sound grounds for investigation.

"The industry has been warned before about price signalling.

“The news this morning will offer hope to drivers and others reliant on insurance that there is some protection for them even if it is coming very late in the day,” he said.