Insurance Ireland Statement on the conclusion of CCPC investigation in relation to the Private Motor Insurance Sector
Issued 20th August 2021 Insurance Ireland notes the conclusion of the CCPC’s investigation in relation to private motor insurance. Insurance Ireland notes that the seven parties who were sent preliminary findings in September 2020 have denied that they were in breach of competition law and that, in reaching a conclusion on the investigation, the CCPC has not made findings that breaches of competition law have occurred.
Moyagh Murdock, CEO of Insurance Ireland, said “Members of Insurance Ireland have constructively engaged with the CCPC throughout this process, and no breaches of competition law were found. The implementation of compliance reforms by the members concerned demonstrates a commitment to competition law compliance, which, as noted by the CCPC, supports markets to operate in a fair and competitive way and ultimately for the benefit of consumers.
The sector has previously been asked by stakeholders to comment on the trajectory of motor premiums. Today’s statement by the CCPC underlines the need for Insurance Ireland and its members to avoid being drawn into such scenarios.
More broadly, Insurance Ireland is fully supportive of the Government’s insurance reform agenda and will continue to play its role in delivering reforms.
Insurance Ireland welcomes any measures that will result in a stronger, more stable insurance sector for the benefit of consumers and insurers alike.”