Ireland has seen insurance premiums go through the ceiling over the past couple of years. Young people especially are being targeted as a result of the ridiculously high costs to get on the road.
However all that could change as EU authorities have launched an investigation to determine whether or not Insurance Ireland may have engaged in activities to curtail competition from EU-based insurance providers, in favor of local firms.
The probe centers around anti-trust laws written in European legislation, focusing on a database controlled by Insurance Ireland, and to which all its members contribute on a regular basis. The probe will determine how that database is administered, and what conditions are set for insurance providers outside of Ireland that wish to access the database before entering the Irish market.
Those conditions may be intentionally set to deter or at least make access more difficult to entities outside the influence of Insurance Ireland.
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