Rose Conway Walsh (Sinn Fein) | Oireachtas source

I am sorry for keeping the delegation so late in the day. I thank them for coming before us. We all waited with great anticipation to hear what they would say. I have the benefit of hearing what they said this afternoon and many of my questions have been answered.

Last October the Competition and Consumer Protection Commission, CCPC, warned Insurance Ireland about signalling price rises. It has had to do that again this week. In that time insurance prices have increased enormously but the industry is still flagging up and softening up the market for more increases. On leaving this market, Zenith was clear that it had been excluded from important pooled resources and that Insurance Ireland members enjoyed putting it at a disadvantage. This committee has also heard about the unusual nature of the Irish market where quotes do not vary between companies to the expected degree. They are all on the same page to an unnerving degree as far as pricing goes.

The motor insurance industry in this State exhibits many characteristics of a cartel and must be investigated. Is Insurance Ireland a cartel?