A number of raids took place at insurance companies and brokers around the country yesterday over alleged cartel involvement.
The State’s competition watchdog, the Competition and Consumer Protection Commission (CCPC) and the European Competition Directorate were at a number of main motor insurance providers this morning with up to 50 state officers on site investigating possible cartel activity.
Some insurance premiums have doubled in the past 12 months for many drivers.
In a statement released, the EU Commission said that the inspections were a first step in determining anti-competitive practices which may be in breach of EU antitrust rules which stop companies having a dominant market position.
The raids were welcomed by the public with many people claiming it was “high time something was done”.