Raids on motor insurance companies welcomed

Sinn Féin MEP Liadh NíRiada has welcomed a series of raids on the offices of motor insurance providers, brokers and representative bodies carried out this morning as part of probe into alleged price fixing in the industry.

Liadh Ní Riada said, “I welcome the action taken this morning by the Irish Competition and Consumer Protection Commission and the European Competition Directorate.

“The unfair and extortionate cost of car insurance is putting people off the road. In rural areas it is preventing people from accessing services and leading to isolation. For young people the high prices of premiums act as a barrier to finding and keeping a job, or accessing education or training.

“I have raised the possibility of a cartel operating within the motor insurance industry already, and I asked the European Commission to launch an investigation into the Irish insurance market to ascertain whether any anti-competitive practices are taking place.

“Its clear that the Irish insurance market is not functioning fairly or correctly, and I hope that the investigation now underway uncovers the truth and results in a significant shake-up in motor insurance.

“We cannot allow people to be held hostage by unscrupulous companies.”

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