Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

The European Commission has been undertaking an investigation since last year. Members will recall that on 4 July 2017, it carried out an unannounced inspection at the premises of companies active in the motor insurance industry in the State. The basis for this inspection was a concern by the Commission that the companies involved may have engaged in anti-competitive practices in breach of EU anti-trust rules which prohibit cartels, restrictive business practices and-or abuse of a dominant market position. The House will understand neither I nor the Minister for Finance are in a position to make any comment on an ongoing investigation by the European Commission. Any investigation undertaken by the Commission is done independently and I have no insight into the development of any such exercise.

Separately, the CCPC has been undertaking an investigation into potential price signalling in the private motor insurance sector. The CPCC is the statutory independent body responsible for the enforcement of domestic and EU competition law in the State. Again, it is not appropriate for me to comment on an independent live investigation. Having said that, the State has taken action where it can to date. The cost of insurance working group's reports on the cost of motor insurance, employer liability and public liability insurance have made several recommendations which are relevant to the issue of supporting a level playing field to ensure a competitive marketplace, which is what we all want. We are committed to implementing the recommendations of both of those reports. Much of that has taken place and has had an impact on the motor insurance market in particular.

There is still more work to be done, however. The Government is absolutely committed to ensuring an insurance market attractive to new entrants, based on a level playing field, and having a competitive environment in order consumers and businesses benefit. We will take appropriate action to ensure that is the case. It is not appropriate for me today to comment on independent investigations, which are ongoing.

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