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EU to begin investigation into Irish insurance market

  • 17-05-2018 12:30pm
    #1
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭


    https://www.rte.ie/news/ireland/2018/0517/964061-motor-insurance-investigation/
    A major investigation by the European Commission into motor insurance in Ireland is focusing on allegations that the industry has created obstacles for new players to enter the market.

    Following a series of raids last year investigators are now analysing whether foreign companies are facing barriers to entering the Irish market, RTNews has learned.

    Investigators from the European Commission seized documents from lobby group Insurance Ireland in the IFSC in Dublin last year/

    /Mr Coveney said the Commission had carried out an unannounced inspection last year at premises active in the motor insurance industry. The basis for the inspection was concern over anti-competitive practices.

    Speaking during Leaders' Questions in the D, he said he can not make any comment about an ongoing investigation being carried out by the European Commission.

    But he added that the Competition and Consumer Protection Agency had separately been undertaking an investigation into potential price signalling in the private motor insurance sector.

    So is there anything to be found? Calling Mr Business Cat.


Comments

  • #2
    Asmooh
    Registered Users, Registered Users 2 Posts: 1,469 ✭✭✭Asmooh


    Absolutely, look at the prices for example! It's insane! and if an cheaper insurance company would be by it wont be accepted.
    Same with expensive banking fees!

    Or my personal experience, I moved to Ireland in 2015-1 and wanted to get a car in 2015-12.
    The cheapest car I could insure was a 1.8 Volvo S40, slow as hell charged me 230 EUR / Month and then the expensive road tax.
    I moved 3 months later to the UK (Northern Ireland) and I insured an Mazda 6 Sport 2.0 for 800 GBP / year and 240 GBP / year on road tax.

    t.b.h I can insure 4 cars including road tax at this stage for the same price as 1 car in ROI.
    and then the ROI car has to be slow and basic otherwise they won't even want to insure at all.

    For example:
    My 1.9 CDTI will costs here about 1500-1900 euros a year for Insurance
    My 1.7 CDTI would costs here about 1400-1600 euros a year for insurance.

    Currently I pay: 48 GBP / Month for the 1.9 and my 1.7 was 38 GBP / Month
    Road tax is 150 for the 1.7 and 195 for the 1.9

    Compare that to ROI..


  • #3
    Kuva
    Closed Accounts Posts: 870 ✭✭✭Kuva


    Finally.


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