O’Rourke welcomes Competition and Consumer Protection Commission investigation into Insurance Industry
Fianna Fail TD, Frank O’Rourke, has welcomed the Competition and Consumer Protection Commission (CCPC) investigation after suggesting such a move at the Finance Oireachtas Committee last week.
Deputy O'Rourke said: "The most recent figures on motor insurance, show premiums has raised by almost 40% in the last year. This is unacceptable and all efforts must be made by relevant state authorities, the Government and Dáil Eireann to reverse these trends and I suggested that the CCPC should investigate the Industry. I understand that the CCPC is investigating suspected breaches of competition law and will take any action to stop specific anti-competitive practices in the motor insurance sector."
He outlined that in recent months, he has campaigned in Dail Eireann to have the 'unacceptable high level of car insurance addressed'.
Deputy O'Rourke said: "I have suggested a range of measures, including opening up the Car Insurance market to the EU, re-establishing the Motor Insurance Advisory Board (MIAB), which was successful in the past and requesting that all state agencies, including the CCPC, consider any actions available to them to reduce motor insurance.As I said in the Dáil, it is not unusual for young people in their early 20s to be asked to pay anything between €6,000 and €12,000 a year for their car insurance. This level of premium is not an option for many young people, many of whom require cars for their educational, work or family purposes as have been raised in my weekly clinics.Talk about tax reductions in the forthcoming budget is irrelevant if the Insurance Industry is just going to extract more from the consumers. The increases in motor insurance for some people is more that their annual Universal Social Charge (USC). We have to reduce motor insurance premiums, and I will continue to raise this matter until progress is made."
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