Minister welcomes publication of Report into competition in the insurance sector

The Minister for Enterprise, Trade & Employment, Mr Micheál Martin today (Tuesday March 8^th 2005) welcomed the publication of the Competition Authority’s Final Report and Recommendations in regard to Competition in the Non-Life Insurance Market.

Commenting on the Report, the Minister said: “We have seen considerable progress in recent years in the reform of the insurance sector in Ireland. This has resulted in significant reductions in insurance premiums for motor and liability cover and consumers and business alike have reaped the benefits. This has been the result of concerted action on the part of the Government in pursuing reforms such as the establishment of the Personal Injuries Assessment Board, measures in relation to road safety and the reform of the law on personal injury actions in the Civil Liability and Courts Act 2004.

However, Minister Martin continued: “We should never become complacent and we should never assume that we have done everything that needs to be done. From a competition point of view, I am determined to ensure that the insurance business in Ireland operates in an environment that is conducive to encouraging new players into the market.”

“ The 47 recommendations contained in this report are designed to enhance competition and reduce barriers to entry in the non-life sector of the insurance industry. It is important that we do everything we can to bring about whatever changes are necessary and I will be arranging for the recommendations in this report to be urgently discussed with those Departments and agencies responsible for implementing them,” Minister Martin said.

“Guaranteeing competition in the market place means we can consolidate recent progress and guarantee better choice and a fairer deal for consumers going forward. That is my objective,” the Minister concluded.

ENDS

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