Single market for insurance ‘essential’

FINE GAEL yesterday called on Internal Market Commissioner Charlie McCreevy to bring forward proposals to implement a single EU market for insurance products to prevent excessive profiteering in the sector.

The party’s enterprise spokesman Phil Hogan said that he had written to the Irish Commissioner, asking him to look at the matter urgently. Mr Hogan contended that the Irish insurance market was suffering badly from a lack of competition.

“It’s clear that higher profits for insurance companies are not being passed on to lower insurance rates for customers. The main reason for the slow reduction in insurance rates is due to the lack of competition in the Irish market,” he said.