Price-fixing probe into motor insurance companies

The European Commission said its raids on Irish motor insurance companies was a “preliminary step” in its investigation into “suspected anti-competitive practices” in the industry.

The dramatic raids, which included the offices of industry representative body, Insurance Ireland, were conducted yesterday morning based on the “concerns” of the EU Competition Directorate regarding alleged price fixing in motor insurance.

In a statement, the European Commission confirmed that its officials had carried out “unannounced inspections” at the premises of companies active in motor insurance in Ireland.