Insurers raided in Ireland

Post reports that motor insurance providers in Ireland have been raided by officials from the European competition watchdog.

The unannounced inspections, carried out by the European Commission, were described as a ‘preliminary step’ in a wider investigation.

A statement from the European Commission said, ‘The Commission has concerns that the companies involved may have engaged in anti-competitive practices in breach of European Union anti-trust rules that prohibit cartels and restrictive business practices and/or abuse of a dominant market position.’

However, the statement also highlighted that the raids ‘do not mean that the companies are guilty of anti-competitive behaviour’.