Billy Timmins
Question:120 Mr. Timmins asked the Tánaiste and Minister for Enterprise, Trade and Employment her plans to make the insurance industry more competitive; and if she will make a statement on the matter. [13734/02]
Written Answers. - Insurance Industry.
The insurance and competition sides in my Department are giving active consideration to having a consultancy study undertaken with a view to a vigorous examination of the competitiveness of the Irish insurance market. Such a study would be reflective of the commitment in An Agreed Programme for Government to remove unwarranted constraints on competition in all sectors of the economy.
In the specific case of motor insurance, the MIAB report made it clear that the market for private motor insurance was not competitive. The MIAB was of the view that the imperfect state of the market was such that consumers' concerns were unlikely to be allayed without an investigation by the Competition Authority. The then Minister of State at my Department with responsibility in the area of insurance, Deputy Noel Treacy, referred the MIAB report to the Competition Authority in April. The chairperson and a senior member of the authority met the MIAB last week to discuss the report.