The Competition and Consumer Protection Commission (CCPC) has issued preliminary findings to five insurers, an insurance industry trade association and an insurance broker alleging that these organisations engaged in anti-competitive cooperation over a 21-month period during 2015 and 2016.

The alleged anti-competitive cooperation consisted of public announcements of future private motor insurance premium rises as well as other contacts between competitors, all of which reduced levels of competition between the parties. The CCPC’s says its findings are provisional and no conclusion should be drawn at this stage that there has been a breach of competition law.

The organisations in question are; AIG Europe S.A., Allianz PLC, AXA Insurance DAC, Aviva Insurance Limited, FBD Insurance PLC, Brokers Ireland (formerly the Irish Brokers Association) and  AA Ireland Limited.

The anti-competitive cooperation activities under investigation include a practice which is commonly referred to as ‘price-signalling’, when businesses make their competitors aware that they intend to increase prices. These practices are particularly harmful to consumers when they occur in sectors like motor insurance where motorists are required by law to take out cover.

The CCPC has now issued preliminary findings to these organisations setting out its position that it has reasonable grounds to suspect that a breach of the law has occurred. The relevant parties now have the opportunity to consider a response, while the CCPC investigation remains is ongoing.