EU Commission opens investigation into II datapooling

CJhaughey

Reported today, Insurance Ireland under investigation following the raids last year.
There must be something behind all this you would think?
https://www.irishexaminer.com/breakingnews/ireland/european-commission-launches-formal-investigation-into-insurance-ireland-924078.html

Henry Ford III

If it means lower premiums I hope so.

Eggs For Dinner

CJhaughey wrote: »

Reported today, Insurance Ireland under investigation following the raids last year.
There must be something behind all this you would think?
https://www.irishexaminer.com/breakingnews/ireland/european-commission-launches-formal-investigation-into-insurance-ireland-924078.html

It is my understanding that the EU Commission is closing it's investigation following those 'raids' on insurers, where they were looking in to anti-competitive practices in the motor insurance market. This is a separate investigation in to Insurance Ireland regarding the availability of data

SquireD

Eggs For Dinner wrote: »

It is my understanding that the EU Commission is closing it's investigation following those 'raids' on insurers, where they were looking in to anti-competitive practices in the motor insurance market. This is a separate investigation in to Insurance Ireland regarding the availability of data

Got it in one, that's exactly what their at. It's to do with the Insurance Link Database and how protected is the data.

Eggs For Dinner

SquireD wrote: »

Got it in one, that's exactly what their at. It's to do with the Insurance Link Database and how protected is the data.

The closure of the enquiry in to anti-competitive practices won't be as widely covered though. Anti-climax to previous media reports

SquireD

Eggs For Dinner wrote: »

The closure of the enquiry in to anti-competitive practices won't be as widely covered though. Anti-climax to previous media reports

Absolutely, be a slow news day if they give it any coverage.

Robbo

Eggs For Dinner wrote: »

It is my understanding that the EU Commission is closing it's investigation following those 'raids' on insurers, where they were looking in to anti-competitive practices in the motor insurance market. This is a separate investigation in to Insurance Ireland regarding the availability of data

SquireD wrote: »

Got it in one, that's exactly what their at. It's to do with the Insurance Link Database and how protected is the data.

It entirely follows on from the Commission's raid on Insurance Ireland.

The gist of the alleged cartel is that II, whilst appearing to given the impression that new entrants were welcome and could avail of their database, lobbying powers, PR budget and other benefits acted in such a way to prevent new entrants from entering the market. The illusion of competition was created by the presence of the big beasts of the EU insurance market but it was the more niche players looking to take on particular submarkets that were shut out.

It's competition law 101 stuff and to say that II are feeling the heat would be understating things mildly. I don't even think that a change of Commissioner can stop the ball rolling now that the formal investigation has started so hats off to Vestager for getting this out the door in time.

Eggs For Dinner

Robbo wrote: »

It entirely follows on from the Commission's raid on Insurance Ireland.

.

The Commission did not raid Insurance Ireland a few years back. The operation involved investigating Insurers and brokers primarily involved in the haulage and commercial fleet market to see if cartel type activity was going on. This is closing without any case to answer. This is a new separate investigation

Robbo

Eggs For Dinner wrote: »

The Commission did not raid Insurance Ireland a few years back. The operation involved investigating Insurers and brokers primarily involved in the haulage and commercial fleet market to see if cartel type activity was going on. This is closing without any case to answer. This is a new separate investigation

That is not the case.

In a separate development it emerged on Tuesday the offices of Insurance Ireland were visited by compliance officers as part of an EU investigation into access to two databases used by insurance providers in the Republic, according to sources.

In a statement Insurance Ireland confirmed it was subject to an “unannounced inspection at its premises”.

Or are we pretending that an "unannounced inspection" by a body with powers of seizure, investigation and prosecution is something other than a raid?

I can just see the "talking point" emails sent out now: "It wasn't a raid, it was merely akin to when a neighbour pops over for a cup of tea and you don't have biscuits in."

Eggs For Dinner

You being pedantic. The "raid" a couple of years ago was a different matter and is closing with no action. i.e nothing to see here.

This is a NEW investigation in to Insurance Ireland. Your own quote states "separate development"

Robbo

Eggs For Dinner wrote: »

You being pedantic. The "raid" a couple of years ago was a different matter and is closing with no action. i.e nothing to see here.

This is a NEW investigation in to Insurance Ireland. Your own quote states "separate development"

Yes, reading the source material is being pedantic.

July 4th 2017: Commission confirms raids took place, in parallel with efforts from the CPPC.
July 4th 2017: Irish Times report adding detail; notably that II were also raided and that Insurance Link was a focus of this raid
May 14th 2019: Commission confirms that a formal investigation is open which follows from the July 2017 raids with Insurance Link as the focus

I presume you're conflating or confusing this with the CPPC proceedings which I believe concerned market rigging in one particular market sector? That seems to have withered on the vine but that's the CPPC for you. The Commission, on the other hand, that's senior hurling.