Competition and Consumer Protection Commission to launch a probe into car insurance pricing
THE Competition and Consumer Protection Commission is to launch a probe into motor insurance pricing.
The CCPC is currently investigating suspected breaches of competition law in the motor insurance sector.
The investigation relates to industry participants openly signalling up-coming increases in motor insurance premiums in the State.
According to Isolde Goggin, CCPC Chairperson, "Statements by senior industry players have raised serious suspicion as to whether there is a link between these messages and subsequent price increases.
"The evidence collected through both the witness summonses and the information requests will assist us in establishing whether there has been a breach of competition law."
Insurance Ireland confirmed that it has received a witness summons from the Competition and Consumer Protection Commission relating to its investigation in the motor insurance sector.
It said it will comply with the witness summons and will co-operate fully with the commission in its investigation.
“Insurance Ireland is fully satisfied that it has no issue in relation to competitive practice and is confident that this will be confirmed through this process. Insurance Ireland is not in a position to comment further until the process has been completed,” a spokesman said.