MOTOR INSURANCE SECTOR STATEMENT - CLLR MARTIN LONERGAN
I am pleased with the announcement that the Competition and Consumer Protection Commission (CCPC) has launched an investigation into anti-competitive practices in the motor insurance sector and that it has issued summonses to major motor insurance providers and industry groups representing insurers and brokers. The CCPC is investigating suspected breaches of competition law. While it has taken some time, I am happy now that the CCPC has slowly realised the serious nature of the rise in car insurance premiums and has decided to investigate the price hikes. The effect the exorbitant price rises have had on young drivers in particular has been outrageous and needed to be addressed. Having spoken to many young people in recent weeks and indeed months, whereby their insurance premiums have risen by 40% to 60% and in some instances even more, something needed to be done. Hopefully the CCPC will have the necessary tools to investigate these insurance cartels and once and for all put in place the necessary measures so that affordable insurance is available to young and old alike!