‘Action must follow Competition Authority report into Motor Insurance’ – Ritchie

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Monday, October 6th, 2014
SDLP MP for South Down Margaret Ritchie has welcomed the Competition and Markets Authority’s (CMA) report into the private motor insurance industry. Speaking to Newry Times, Ritchie stated, “The headline finding of this investigation confirms that motorists in Northern Ireland face a higher cost for car insurance than any other region. “I’m satisfied that the main recommendations from the CMA will make a significant difference for consumers but it remains clear that further specific actions and considerations would be helpful in Northern Ireland. “The range of measures proposed, including better information on insurance add-ons and improvements to the operation of price comparison websites are certainly a move in the right direction. “More transparency and in turn more effective competition within the market will give people more choice and hopefully drive down prices. It was however disappointing that there was no clear recommendation with regard to arrangements for replacement vehicles. Ritchie added, “I will continue to follow this issue in Parliament and it is crucial that these recommendations are enacted.”
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