The Competition and Consumer Protection Commission (CCPC) in Ireland has today published its market study on the public liability insurance market. The CCPC commenced the study following a request from the Minister for Enterprise, Trade and Employment in July 2019.
Premium increases and availability of public liability insurance have been the focus of significant concern in Ireland amongst businesses, community groups, sports organisations and voluntary associations across Ireland in recent years.
Frontier was commissioned to support stakeholder engagement through the study and undertake a competition assessment of the market. Paul Cullum from Frontier’s financial services practice said “customers of public liability insurance in Ireland have experienced premium increases of on average 15-20% in the past three years. Our analysis suggests that the most significant barriers to entry were access to market data and access to claims history information. These barriers may also have exacerbated the effect of the insurance cycle in this market in recent years.”
The CCPC makes a number of recommendations to improve data availability, support buyers of public liability insurance and promote the development of a more stable and lower cost claims environment.
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