The cost of motor insurance may fall in Ireland following new agreement by insurance companies | JOE.ie

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This could be good news for customers

The Competition and Consumer Protection Commission has announced it has secured legally binding commitments from six parties that were under investigation in the private motor insurance sector.Drivers could benefit from lower motor insurance costs on the back of the investigation by the CCPC.Motor insurers AIG, Allianz, Axa, Aviva, FBD and broker AA Ireland have agreed to reform their internal competition law compliance programmes.

"The potential for consumer harm is particularly high in the motor insurance market as consumers cannot avoid taking out a policy if they are to drive legally." "By signing an equivalent agreement to that of the other six parties, Brokers Ireland would have, in the CCPC’s view, demonstrated its commitment to compliance in the future."

 

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