Following the recent release of a survey conducted by the Alliance for Insurance Reform (AIR), Ireland's Competition Authority has launched an investigation into allegations that the country's insurance brokers are engaged in anti-competitive practices.
According to reports in the Irish media, the AIR has claimed that insurance brokers are denying companies the chance to shop around for cheaper insurance by maintaining tight control over the renewal process.
According to the AIR survey, 75% of businesses questioned had not been able to change insurance brokers over the past five years, and 22% did not receive a renewal notice from their broker or insurer.
Speaking to the Irish Independent, a spokesman for the competition authority confirmed that it was conducting an investigation into brokers, but revealed that this was in the wider context of a study of the insurance sector. A draft report containing the results is set to be released in four to six weeks' time.
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