Watchdog will not probe spiralling insurance costs which surged more than 60% in the past two years

The agency responsible for protecting consumers’ interests has no immediate plans to investigate the spiralling cost of motor insurance which has seen premiums surge more than 60% in the past two years.

The Competition and Consumer Protection Commission (CCPC) said it has not looked into the huge hikes in the cost of insurance which have hit motorists across the country as it is concentrating its resources in areas it believes it will have the “greatest impact”.

A spokesperson for the CCPC said it is “acutely aware” of the impact of increasing costs on consumers but added that it could make more efficient use of its resources elsewhere.

Motor insurance costs have surged 35% higher in the past year and more than 60% since January 2014.

Dermott Jewell of the Consumer Association of Ireland said the CCPC should re- consider its decision not to investigate the sector “with some degree of urgency” given its role in safeguarding consumers’ interests.

Fianna Fáil finance spokesperson Michael McGrath said serious questions exist over competition in the insurance industry.