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Doherty welcomes Competition Commission inquiry into motor insurance market

13 September, 2016 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has welcomed the Competition and Consumer Protection Commission (CCPC)’s witness summonses and information requests to the motor insurance sector.

Deputy Doherty said the move has come as a result as Oireachtas Finance Committee hearings this week at his request, which have heard criticism of the industry from across the spectrum.

Deputy Doherty said:

“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.

“It is concerning though, having given a warning to the industry for the same offence only recently, the CCPC has to act again. It seems the insurance industry is not too put out by the CCPC.

“We have heard this week and last from hauliers, taxi drivers, the legal profession and consumer representatives that the industry has been acting in a fashion akin to a cartel. I note the Chairman has agreed to send on the Committee transcripts to the regulator in the Central Bank and the EU Commission.

“We have heard an incredible amount of spin from the insurance industry in recent times. It does not stand up to any scrutiny though. They have been fundamentally dishonest in not accepting any responsibility for their actions.

“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 truth.”

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