FBD Insurance is one of five insurance companies operating in Ireland named as part of an investigation into a practice known as ‘price signalling’. Last week, the Competition and Consumer Protection Commission (CCPC) issued preliminary findings against AIG, Allianz, Axa, Aviva and FBD.

The CCPC also issued preliminary findings against two insurance brokers – AA Ireland and Brokers Ireland (formerly Irish Brokers Association).

The CCPC said the preliminary findings relate to a 21-month period in 2015 and 2016, where it is alleged the named insurers engaged in anti-competitive behaviour by publically signalling price rises for insurance premiums and other activities which reduced competition in the Irish insurance sector.

The CCPC said its findings are provisional and no conclusion should be drawn at this stage.

The CCPC probe into insurance price signalling comes just days after the Central Bank of Ireland warned that it is concerned about the use of ‘differential pricing’ in the insurance industry.