CCPC Issues Preliminary Findings In Insurance Industry Investigation

Introduction

The Competition and Consumer Protection Commission ("CCPC") recently issued preliminary findings to seven parties alleged to have been engaged in anti-competitive cooperation in the insurance industry over a 21-month period between 2015 and 2016.¹ The seven parties include five insurers, an insurance broker and an insurance industry trade association.

In 2016, the CCPC began its investigation into the alleged anti-competitive activity. The alleged activity was seen as contrary to section 4(1) of the Competition Act 2002 and Article 101 of the Treaty on the Functioning of the European Union. The investigation parallels a European Commission investigation into the Irish insurance sector which saw numerous premises subject to unannounced dawn-raids in 2017.² The preliminary findings allege that the parties involved engaged in a practice known as "price signaling" both publically and between the parties. While the CCPC has made it clear in their