Fianna Fáil TD for Louth and East Meath Declan Breathnach has welcomed the decision by the Competition and Consumer Protection Commission (CCPC) to launch an investigation into anti-competitive practices in the motor insurance sector.
“I believe that the CCPC issued witness summonses and information requests to major motor insurance providers and industry groups representing insurers and brokers this week.”
“This move comes as figures show the cost of motor insurance has risen by more than a third in just 12 months. The average cost of car insurance has now reportedly reached €900 a year. This is unacceptable and is placing a huge and unnecessary burden on families and individuals”.
“The move has also come as a result of the Oireachtas Finance Committee hearings this week.
“Chairman and Fianna Fáil colleague John McGuinness, TD said many of the contributors have told the committee that the industry has been behaving in a "cartel-like fashion".
“Over the last 18 months, Fianna Fáil has been consistent in highlighting this. Over this period of time, Fianna Fáil used its private members time to raise, and discuss, this issue in Dáil Éireann.”
“Unfortunately, while I welcome this investigation, it has come all too late.
“The Government have consistently ignored this problem and have been putting the interests of the insurance industry ahead of motorists.”
“I hope this investigation will get to the bottom of the problem without further delay and that we will see a reduction in premiums as a result”.