The Social Democrats have welcomed action by competition authorities into alleged price fixing in the motor insurance industry.
The party’s Dublin Mid-West local area representative Anne Marie was speaking following reports that competition enforcement officials today carried out office raids as part of a probe into possible cartel activity in the insurance industry.
Ms McNally said:
“I’m pleased to see some action start to materialise in relation to what was fast becoming an out of control situation regarding motor premium costs.
“I spoke at an event in Dublin recently where representatives from young persons’ groups and older peoples’ groups spoke of the devastating effect on their quality of live by virtue of finding themselves priced out of the ability to put a car on the road. The associated loss of independence is a huge factor, particularly for older people.”
Ms McNally added:
“Motor insurance is one of the most significant burdens on a household’s budget every year and it has become a spiralling expense in the already exorbitantly high costs of living which directly impact on the money left in people’s pockets at the end of the month. It is also a significant cost faced by many small and medium businesses trying to keep cars on the road, including taxi drivers.
“Motor insurance is not a choice for drivers and therefore the government must play a role in ensuring its affordability. For far too long insurance companies have operated without proper scrutiny or oversight regarding pricing policies and that must change.”
Anne-Marie McNally is available for comment on 086-3754315