Raids on main motor insurance providers over alleged cartel activity

Raids on main motor insurance providers over alleged cartel activity

The European authority is now taking the lead on the investigation, which will probe whether upcoming increases in motor insurance premiums were openly signalled.

The Irish Independent is reporting that a number of Irish insurance providers were raided by officers from the State's competition watchdog on Tuesday morning.

"The commission has concerns that the companies involved may have engaged in anti-competitive practices in breach of European Union antitrust rules that prohibit cartels and restrictive business practices and/ or abuse of a".

It is part of an ongoing probe into alleged cartel activity in the insurance industry.

The representative body Insurance Ireland, meanwhile, confirmed it was subject to an unannounced inspection.

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The Competition and Consumer Protection Commission (CCPC) initiated a probe into the insurance industry at the end of a year ago.

He told Paul: "I think the key recommendations would be around having a national claims database, so that we can once and for all get a handle on the accurate data that's underpinning the Insurance Ireland claim that this is all about awards, award levels, and compensation".

The European Competition Directorate is concerned that the single market for insurance operates without hindrance.

Isolde Goggin, chairperson of the CCPC, said last September that she meant to crack down on any alleged breaches of competition law in Ireland. Reacting to the raids, Sinn Féin finance spokesperson Pearse Doherty TD said it is good news for consumers that concerns he has voiced for some time about cartelism are now being taken seriously.

He said he has no doubt that the Competition and Consumer Protection Commission will take action if there is sufficient evidence of price fixing by insurance companies.

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