This just in.
Insurance companies, brokers and representative bodies for the industry were raided this morning as part of a probe into alleged price fixing in the motor insurance industry.
It is understood that 45 officers from the State’s competition watchdog raided the main motor insurance providers in its ongoing probe into alleged cartel activity in the insurance industry.
Also raided in the search for documentary evidence was the representative body for the industry, Insurance Ireland, the Irish Independent has learned.
Previously: Cartel Insurance
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Finally, some raids on white collar criminals that literally steal thousands of euros from millions of individuals that are just trying to make ends meet . Maybe the government should do more of this instead of sending police thugs to raid grow houses which harm absolutely no one finically or physically.
:) if only
Oh I hope they raided Sweeny style in full on John Thaw mode! Oi! You’re nicked
The correct phraseology would be ‘Oi! Get your trousers on, you’re nicked!’ Otherwise I concur.
“Insure THIS…..you slaaaaaag”
BOOM.KAPOW.BOSH.
‘ere’s you’re ‘ppin rebate john –
*nuts criminal in the face
Ah the famous tea-bagging episode. Amazing what they used to be able to get away with on tv before the PC brigade took over.
always lusted after that Ford Granada
as a schoolkid the neighbour 2 doors up used to drop his own son and myself into joeys on his way into work
a bit of a high flyer in the bank he used to change cars like the wind…eventually he got the top job and a bronze Mk1 Granada Ghia
oh yea
Maybe they’ll force all these companies to insure cars over 10 years old with a spotless NCT so you could get one.
Correct terminology is… “Get yer strides on, you’re nicked”
+1
Needs more Gene Hunt – “Don’t move, you’re surrounded by armed baxtards!”
We need a good old fashioned toothless inquiry or tribunal to make sure the perpetrators are mildly inconvenienced.
I second this. It’s been scheduled for 7 years from now.
LOL
I propose the first order of business shall be concerning expenses.
Terrible news – with the loss in earnings the Insurance companies will experience as a result of this our premiums will go through the roof…..gulp.
Irish insurance industry continues to operate at an overall loss. Difficult to see how they can be price fixing in that environment. They’re all agreeing to keep making losses?
Are you sure they are making a loss? I cannot find any evidence to back up your claim? I’m sure I read Aviva profits up 20% not too long ago.
Then why are they in business.
Average car poilicy is now nearly 1000 Euro, X approx 2.5 million private drivers = 2.5 billion in cash from private drivers alone, commercial, public transport etc on top of that makes it hard to believe they are not profiteering. They say it’s the legal fees, lawyers say it’s medical costs (proven to be untrue), – they’re all are on the make..
I’m no apologist for the Insurance Industry – having seen my car policy go up by roughly 50% in last two years, but I don’t think you can throw out figures like “Average car poilicy is now nearly 1000 Euro” without some stats to back it up. That seems outrageously high for an average.
Everyone I know is 600+
Know some on 1500
So that average doesn’t seem to off, maybe a little high
average cost was €900 in December:
https://www.joe.ie/motors/the-average-price-of-car-insurance-in-ireland-is-sky-high-and-its-set-to-increase-significantly-565313
I’d speculate it is above 1000 euros now, based on listening to colleagues in the office trying to wrangle an affordable policy over the phone. My insurance has gone from 360 to 700 in 2 years – no points, 19 years without a claim, boring car…I don’t think the figure is outrageous.
Aviva had an operating profit of €85 million last year, up nearly 40% on the previous year.
Let me clarify – the motor insurance part of the sector continues to trade at a loss. Other segments within the insurance sector are profitable.
https://www.irishtimes.com/business/financial-services/motor-insurers-made-combined-273m-loss-in-ireland-last-year-1.2807401
So?? It is also a fact that they are losing money on investments, settle claims too early, have under-priced and under-reserved in the past and are poorly managed. Why should the consumer, once again, bail out more badly run private companies. It used to be that the bigger you were, the harder you fall, but now i seems impossible for big companies to fall.
Boo hoo.
They pay out stupid amounts to scum bags.
It’s their own fault.
Why are the loss amounts for insurance companies based in Ireland so much higher than those based in the EU? I can’t understand the disparity.
Also, if the profit listed by these companies is €952 million, then a loss of of €273 million would mean that they are not really operating at a loss, as a group.
Why continue to write motor insurance business at a loss? It’s not compulsory for insurers to offer it to the market. It seems to me that the motor insurance premium income is essential for cash flow and is necessary as income for re-investment.
In any event the logic of the insurers will be that the value of all claims settled can always be recouped from the paying customer and thus there’s little incentive to achieve efficiencies or economies in payouts.
Wooohooo…. someone’s in line for a right bollocking; they’ll think twice about getting involved in fraudulent activity next time. I wouldn’t be surprised if they even have to make a public apology.
I hope they find a smoking gun, but I fear these guys are too smart to leave documentary evidence lying around.
Also, the states competition watchdog has 45 officers? Puts the recent ODCE farce into perspective.
I really hope something comes of this but I’m really not holding out any hope.
Hope insurance – now there’s an innovative product.
I’ve accrued about 8 years no claims on my hope.
I’m calling an assessor, I’ve seen you post positive stuff before!
fepp off you feppin fepper…oh, and have a nice day. ;-P
Why is it that a legal requirement to have motor vehicle insurance is not appointed to not for profit organizations to operate for the motoring public?
One method I have often thought could work is that if you are say, Aviva, and you are looking to commence/renew your operations in Ireland; as part of the operating terms and conditions; you are required to provide a statutory minimum motor vehicle insurance product to the Irish motoring public.
The method to ensure minimal profitability is that there are two products, third party and fully comp.
The camping industry have a group scheme. Fixed price every year for a variety of camper vans. If this small network of people can provide a fixed price insurance cover, why can the major insurance companies and the state agree a basic template for statutory motor vehicle insurance.
That sounds like a level of organisation unheard of in Ireland.
We don’t like that sort of thing apparently.
“Why is it that a legal requirement to have motor vehicle insurance is not appointed to not for profit organizations to operate for the motoring public?”
There’s another post here this morning about bin charges. The answer is right wing ideology; goverment should not be involved in business because they insist on annoying little things like ethics and fairness plus society is just a myth anyway. The people with the most money are the best people and we should all bow to them.
That’s generally the way it is in reality though
There is a good case for a state to provide motor insurance.
Great news on busting the Insurance companies for obvious price fixing and fraud, but I really wonder how many will be prosecuted? Will it go to a shambolic tribunal and then their FG/FF buddies will just let them off accidentally on purpose. This is Ireland after all.
Argos do some decent shredders lads
For God’s sake, will somebody not think of the poor shareholders?
Absolutely nothing will come of this.