21 May 2022

Antitrust investigation into Insurance Ireland must be extended beyond motor insurance sector

MEP for Longford and first Vice-President of the European Parliament Mairead McGuinness

MEP for Longford and first Vice-President of the European Parliament Mairead McGuinness

In response to the announcement by the European Commission to launch a formal antitrust investigation into Insurance Ireland to assess whether or not the conditions of access to its Insurance Link data pooling system may restrict competition, MEP for Longford and first Vice-President of the European Parliament Mairead McGuinness has called for this investigation to be extended beyond the motor insurance sector as a matter of urgency.

The announcement by the Commission is focused on the Insurance Link database within Insurance Ireland.

Ms McGuinness remarked, “While the investigation is welcome, and there are particular issues with motor insurance, there are also deep concerns and a need for greater transparency in relation to other forms of insurance.

 “Several businesses spoke of their concerns about the escalating costs of public liability insurance and called for EU action to address the issue."

The MEP said she has committed to setting up a meeting with the Competition Commissioner and business leaders to impress on her how serious this issue is and the need for urgent action at EU level.

“The Irish insurance market needs to be analysed and questions must be answered about why insurance remains essentially within a member state rather than greater cross border purchase of insurance policies as provided for under the Services Directive.

“Time is of the essence on this issue and the EU Commission working with Ireland must address the exorbitant insurance costs or more activity centres and local community organised events will close and be cancelled. This is unacceptable," she added.

“It is particularly relevant in a small market like Ireland where the same companies, members of Insurance Ireland, offer a diverse range of insurance products,” she said.

To continue reading this article for FREE,
please kindly register and/or log in.

Registration is absolutely 100% FREE and will help us personalise your experience on our sites. You can also sign up to our carefully curated newsletter(s) to keep up to date with your latest local news!

Register / Login

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.