Sinn Féin TD Pearse Doherty has accused insurance companies of deliberately exaggerating the number of fraudulent claims in order to justify premium hikes.

The CEOs of AXA, Allianz and FBD – which represent almost half the Irish market – were before the Oireachtas Competition and Consumer Protection Committee.

Despite reforms, the cost of premiums for consumers and businesses continues to increase.

Allianz boss Sean McGrath told the committee that the cost of premiums would fall if more was done to tackle fraud, but he would not commit to how much premiums might decrease.

Public pronouncements

The committee indicated that insurers are not making public pronouncements about the future direction of pricing.

"We'd love to assist you and highlight what the savings could be, but we believe that we're precluded from doing that. I will again give the guarantee that, should claim costs come down, Allianz will reduce its pricing," the Allianz boss said.