The long awaited report from the competition authority regarding the insurance market in Ireland was released yesterday. Thankfully it points out the obvious strangle-hold that the incumbent insurers in Ireland have on the market. 2 insurers alone, accounting for 90% of the female ‘young’ driver market. It’s up to IFSRA now to do some work on this and hopefully turn the market on its head. Insurance companies have made huge profits in recent years (record profits last year) and it’s high time that this was stopped. Third party insurance, at least, should not be so profitable. Also the seemingly random quotation system from brokers of the same underwriter must be investigated. I’ve said it before and I’ll say it again; regulate the 3rd party insurance industry and stop the mayhem of high pricing! source: Irish Times
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