The Competition and Consumer Protection Commission has dismissed local concerns of a potential monopoly within the insurance sector.
Clare Councillors had asked the commission to investigate whether companies had colluded with each other, saying that premiums have risen by over 20% in the past year.
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The Commission says this complaint has been reviewed, but that there are no grounds for taking further action at this time.
In a letter, the Commission outlines how there is no one dominant player in the market, and that the rise of prices alone is not grounds to establish that insurance firms are engaged in anti-competitive collusion.
Kilmaley Fianna Fáil Councillor Tom McNamara fears there's a cartel working within the insurance industry.
