A preliminary report investigating an Irish Insurance group has been published this week by the EU.
The EU report said Insurance Ireland, a group representing some Insurance companies in Ireland has been blocking companies from accessing a data-sharing system called the Insurance Link platform.
Insurance Ireland represents 90% of Ireland’s insurance companies and EU regulators say it “arbitrarily delayed or de facto denied” non-members access to the system reports Newstalk.
The EU report says this “prevented new companies from entering the market and reduced the choices on offer to Irish drivers, thus affecting motor insurance prices”.
According to Newstalk, EU Competition Commissioner Margrethe Vestager said: “Motor insurance is a significant cost in the budget of every family and business. We have concerns that certain insurers and their agents were put at a competitive disadvantage because Insurance Ireland denied or delayed access to its data sharing system, compiling valuable information on insurance claims.
This prevented competitive entry of new players and thus reduced Irish drivers’ choice of motor insurance policies at competitive prices”.
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