The Labour Party has called for a formal statutory inquiry into the premiums charged by the motor insurance industry. Mr Pat Rabbitte, spokesman on Enterprise, Trade and Employment, said the inquiry could be carried out by the Equality Authority, which has powers of investigation under legislation covering discriminatory practices based on age and gender.

Mr Rabbitte said there was widespread public suspicion of monopolistic and anti-competitive practices in the motor insurance industry.

He said what was at issue were allegations of discriminatory practices that were made illegal under the Equal Status Act 2000.