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Raids on main motor insurance providers over alleged cartel activity

Comments

  • #2
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Surprised it hasn't happened before now tbh.

    I do think it's more of a lip service exercise though as in they have to be seen to be doing something.

    The crux of the cartel argument is that insurers have been signalling price rises to eachother by doing press releases.

    I doubt there would be much actual evidence of this kind of activity (if that's indeed what has been going on) to be found.

    Nonetheless, it's a welcome move and hopefully something good will come out if it.


  • #3
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    A window dressing exercise I expect - the authorities look pro-active, the insurers get to say "how dare you!" and then give us a load of guff about how they are delivering value within the constraints of the market.


  • #4
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Harry Palmr wrote:
    A window dressing exercise I expect - the authorities look pro-active, the insurers get to say "how dare you!" and then give us a load of guff about how they are delivering value within the constraints of the market.


    What way do you want this thing dealt with? Investigated by the appropriate body or rant on Boards that the Government is doing nothing


  • #5
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    I tell you want I'd like - third party insurance cover taken out of the private sector entirely. But I can whistle as there are too many vested interests for that to ever happen.

    Has the Competition Authority ever enforced change for the better? Can't think of anything.


  • #6
    Dartz
    Registered Users, Registered Users 2 Posts: 4,407 ✭✭✭Dartz


    Irish insurance companies to announce an increase in premiums to cover the unexpected costs of defending increased premiums before the European Courts. It is expected that a small increase in premiums will follow any prosecution to cover the costs of any restitution payments due to consumers. With an increase in premiums to follow soon afterwards to absorb the resulting riot damage to our offices. This will hopefully minimise the increase in premiums due to cover the costs of the appeal which will enable companies to minimise further decreases.


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  • #7
    mick.oleary
    Banned (with Prison Access) Posts: 76 ✭✭mick.oleary


    Harry Palmr wrote: »
    I tell you want I'd like - third party insurance cover taken out of the private sector entirely. But I can whistle as there are too many vested interests for that to ever happen.

    Has the Competition Authority ever enforced change for the better? Can't think of anything.

    Poland used to have non-privatised insurance. Did not work.


  • #8
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Harry Palmr wrote: »
    A window dressing exercise I expect - the authorities look pro-active, the insurers get to say "how dare you!" and then give us a load of guff about how they are delivering value within the constraints of the market.

    These are the EC Competition guys. They dont need to do any window dressing in Ireland. The fact that they even spent time on this industry in Ireland instead of the likes of Google etc shows that they feel there is a worthwhile target for them.

    Also they operate under European law so this means they have no fears about their targets lawering up and bogging them down in the Irish court system, as would happen to Irish regulators in a similar situation..


  • #9
    cruizer101
    Registered Users, Registered Users 2 Posts: 3,205 ✭✭✭cruizer101


    mick.oleary wrote: »
    Poland used to have non-privatised insurance. Did not work.

    Canada, Australia and New Zealand all have it and it works fine. I can't ever see it coming in here but it is how it should be done


  • #10
    mick.oleary
    Banned (with Prison Access) Posts: 76 ✭✭mick.oleary


    cruizer101 wrote: »
    Canada, Australia and New Zealand all have it and it works fine. I can't ever see it coming in here but it is how it should be done

    Didn't know this. Not against it though.


  • #11
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Harry Palmr wrote:
    I tell you want I'd like - third party insurance cover taken out of the private sector entirely. But I can whistle as there are too many vested interests for that to ever happen.


    Insurance Companies would love that, leaving them to compete for the own damage fire and theft cover, a known and predictable cost.


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  • #12
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    Quite, they could cook up er develop any number of niche products and turn a decent profit I suspect with the third party costs lifted off them.


  • #13
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    Harry Palmr wrote:
    Quite, they could cook up er develop any number of niche products and turn a decent profit I suspect with the third party costs lifted off them.


    And if you didn't like the price or offering you are not obliged to buy it


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