The EU Commission is to open a full antitrust investigation into Insurance Ireland’s data pooling system. The news follows two years of scoping investigation, including dawn raids. During this period, Insurance Ireland has continued to operate as normal and have brazenly opposed sensible attempts to bring greater transparency to insurance.
In 2016, on the initiative of my colleague, Deputy Pearse Doherty, the Finance Committee produced a report on the rising cost of motor insurance. Its first recommendation was: ‘an end to any sort of closed shop mentality prevailing among existing insurers in the market – full access to data must be made available to all new entrants’.
Sinn Féin is demanding reform of the insurers, too. We are calling for a commitment to bring down prices as changes to awards are brought in and support for the Sinn Féin Consumer Insurance Contracts Bill with amendments to empower consumers such as by making insurers have to notify them of claims made against them.
This Bill is out to public consultation until next week. At that point, we will work with the Minister to see what amendments are needed to bring the insurance industry to heel and get the legislation, which has unanimous support, passed as soon as possible. I hope all parties will row in behind this effort.
The Finance Committee recently met the Commission on this issue and Sinn Féin impressed upon them the frustration felt by drivers and policyholders.
The Government must now treat insurers and their promises in a manner that takes account of the very serious allegations under investigation.
