Skippy 3 wrote:
This really annoyed me.
They assume that transparency on cost structures and pricing would increase competition.
It is perfectly reasonable to assume the opposite is the case. If all firms know each others' profit margins then there is very little incentive for them to undercut each other to gain market share. Prices would stay up via signalling and tacit collusion. You do not need to have CEOs calling each other up to discuss prices (which is illegal and I am certain is not happening here) to have weak or no competition in a market segment.
Ignorance can be a good thing.
It could be made that only the Regulator (which one?) or Central Bank has access to this data as well as the TDs and any committees on the subject. No one else. Tho of course data has a way of leaking/being hacked...
Hence any of these should be able to ring up and say "Hey you are way out of line when compared to others, here is some proof"
Hell if they were smart they could name and shame rip off insurers to whip them into place.