All six had been under investigation by the CCPC.
Six car insurance companies who were under investigation for anti-competitive practices have agreed to reform internal competition law compliance programmes.
AIG, Allianz, Axa, Aviva, FBD and AA Ireland have all signed legally-binding agreements with the Competition and Consumer Protection Commission.
It followed the CCPC's investigation into the practices, which started in 2016.
Aidan Donnelly of Davy says Brokers Ireland has refused to sign up to the agreement
Failure to prosecute motor insurance industry 'deeply disappointing' after five-year investigation https://t.co/GbAl78bhOC
— Irish Examiner (@irishexaminer) August 20, 2021
Brian McHugh from the Competition and Consumer Protection Commission says the deal will lead to reform
Car insurers are set to introduce new practices after an investigation by the competition watchdog. The Competition and Consumer Protection Commission says it secured legally binding commitments from six motor insurance companies to reform their internal competition law. #VMNews
— Virgin Media News (@VirginMediaNews) August 20, 2021
Insurance Ireland says it will continue to play its role in delivering reforms to the sector.
Peter Boland from the Alliance for Insurance Reform says premiums rose significantly during the course of the 5 year investigation.
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