Ms Caeva O'Callaghan:

In 2013 and 2014, each of the companies had big ambitions to become the biggest insurance company in Ireland. The fastest way to achieve that goal would be to sell many below-cost car insurance policies. Car insurance, believe it or not, constitutes over 40% of the whole insurance industry. The more a company controls that segment, the more it controls the whole market. Below-cost selling was a big feature. It does not make sense to anyone to sell a car insurance policy for €300.