Feel like you are being ripped off with Motor Insurance? Well it looks like you are not alone as Motor insurance offices have been raided for alleged price-fixing.
These investigations are being carried out by the European Competition Directorate & Ireland’s Competition and Consumer Protection Commission.
Neither organisations have provide an official comment at this time on their actions but Sinn Féin’s Pearse Doherty TD said it was positive news.
Pearse said “I welcome news this morning of raids being carried out by competition enforcement officials investigating possible cartel behaviour,”.
The Irish Independent reports that insurance companies, brokers and representative bodies were all raided as part of the probe.
Charlie Weston reported ”
Insurance companies, brokers and representative bodies for the industry were raided this morning as part of a probe into alleged price fixing in the motor insurance industry.
It is understood that 45 officers from the State’s competition watchdog, the Competition and Consumer Protection Commission (CCPC) and the European Competition Directorate raided the main motor insurance providers.
It is part of an ongoing probe into alleged cartel activity in the insurance industry.
Also raided in the search for documentary evidence was the representative body for the industry, Insurance Ireland, the Irish Independent has learned.
The Competition and Consumer Protection Commission (CCPC) initiated a probe into the insurance industry at the end of last year.
The CCPC issued witness summonses and information requests to major motor insurance providers and industry groups representing insurers and brokers.
The investigation, started almost 10 months ago, relates to industry participants openly signalling up-coming increases in motor insurance premiums in the State.
The raiding of offices is a major step-up in the investigation.
The European Competition Directorate is concerned that the single market for insurance operates without hindrance.”
Personally my Motor Insurance is 3 times what it was 24 months ago and daily I hear stories of much worst from others.
Now lets wait and see what action will be taken.