Waste of Tax Payers Money?
Is this the most disgraceful waste of tax payers money? Are the #CCPCIreland by commissioning this report admitting that they do not understand how the insurance market works? For sure, by the time that any government report has been completed, the market cycle will be in a competitive phase again. No thanks to our politicians, entirely market driven.
Competition between Brokers
Cathie Shannon of Broker Ireland puts it well in her article https://brokersireland.ie/news/brokers-ireland-strongly-refute-the-claim-that-insurance-brokers-are-involved-in-anti-competitive-practices/ when she says "..insurance premia are a matter for insurers." She goes on to say " If Insurance Brokers were to seek increased premia, this would only serve to drive consumers directly to insurers and other intermediary channels..." Brokers are independent advisers who have to look for the best price and product otherwise consumers and businesses would go elsewhere. it's as simple as that. just like any other business.
What's All the Excitement About?
The article from the Independent is typical of the coverage. It is confused and ill informed. If somebody had taken the time to work out that there are thousands of brokers in the country and hide behind comments like "... the role of brokers amid suspicions that some could be working in cahoots." https://www.independent.ie/irish-news/insurance-pricefixing-allegations-to-be-probed-by-watchdog-38405133.html. References to increased premia for festivals and lesiure business. If he had done any research, he would know that insurers had withdrawn from the market. Increases are irrelevant. THERE ARE NO INSURERS.
What Do We Make Of This?
My best guess there is an election about to take place, because there is nothing that makes any sense! Thoughts?