A DONEGAL TD has
welcomed the issuing of summonses to motor insurance
providers on suspicion of breaches of competition
The Competition and Consumer Protection Commission (CCPC)
issued the summonses as part of an investigation
into possible breaches.
There are suspicions that rival companies may have
been openly signalling upcoming price hikes in "a
degree of unspoken co-ordination".
There has been growing anger among Irish drivers
over spiralling insurance policy prices - estimated
at up to 70 per cent in the last three years.
Sinn Féin finance spokesperson, Deputy Pearse
“This is not the first time the CCPC has called in
the industry over the 'signalling' of price rises.
The fact that they have acted now is, I believe,
down to public pressure after a series of public
hearings held at my request in the Oireachtas
Finance Committee this week and last.
“I note the chairman has agreed to send on the
committee transcripts to the regulator in the
Central Bank and the EU Commission."
He added:“The insurance industry has gambled badly
and is losing out on dividends from investments.
That is the core reason drivers are facing
incredibly unfair premium hikes. It is time the
industry started telling drivers the truth and quit
spinning half-truths and red herrings. Hopefully
today’s move by the CCPC will help them face the