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28/09/2012
OFT To Investigate Insurance Market
The Competition Commission has been asked to investigate the car insurance market, on the basis that it is not working well for motorists.
The Office of Fair Trading (OFT) made the referral because it was worried the structure of the market was making costs and premiums unnecessarily high.
The OFT provisionally decided in May that the market, worth an estimated £9.4bn in the UK, needed more investigation. It has reached its final decision after a public consultation process.
"Competition appears not to be working effectively in the private motor insurance market," said OFT chief executive Clive Maxwell.
"The insurers of at-fault drivers appear to have little control over the bills they must pay, and this may be leading to higher costs for them and ultimately higher premiums for motorists."
The Commission has two years to report.
(H)
The Office of Fair Trading (OFT) made the referral because it was worried the structure of the market was making costs and premiums unnecessarily high.
The OFT provisionally decided in May that the market, worth an estimated £9.4bn in the UK, needed more investigation. It has reached its final decision after a public consultation process.
"Competition appears not to be working effectively in the private motor insurance market," said OFT chief executive Clive Maxwell.
"The insurers of at-fault drivers appear to have little control over the bills they must pay, and this may be leading to higher costs for them and ultimately higher premiums for motorists."
The Commission has two years to report.
(H)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
