MEP welcomes investigation
Sinn Féin MEP Liadh NíRiada has welcomed a series of raids on the offices of motor insurance providers, brokers and representative bodies carried out this morning as part of probe into alleged price fixing in the industry.
"I welcome the action taken this morning by the Irish Competition and Consumer Protection Commission and the European Competition Directorate," said the MEP.
"The unfair and extortionate cost of car insurance is putting people off the road. In rural areas it is preventing people from accessing services and leading to isolation. For young people the high prices of premiums act as a barrier to finding and keeping a job, or accessing education or training.
"Its clear that the Irish insurance market is not functioning fairly or correctly, and I hope that the investigation now under way uncovers the truth and results in a significant shake-up in motor insurance."