The Professional Insurance Brokers Association (PIBA) has criticised the recent Competition Authority report on insurance, claiming it is inaccurate and misleading.

It said the report contained major errors in methodology and was inconsistent with consultants' reports that were published along with it.

The draft report said brokers were earning high fees at the public's expense and that there was a lack of real competition in the broker market.

However, in a submission to the authority, the PIBA has said substantial parts of the analysis in the report did not present any evidence to support its views.

The association said it will formally complain to the authority and that it is seeking a meeting with the Department of Enterprise, Trade and Employment, which co-funded the study.

The association's chief executive, Mr Diarmuid Kelly, said the authority had decided to "sensationalise" its findings on the broker market, having found little that was of interest to the general public in relation to the insurance companies.

It said no data had been collected from brokers themselves by the authority.

He said the findings were not researched and substantiated with rigorous empirical data. He said the authority, in compiling its report, had favoured insurance companies and major wholesale brokers with face to face meetings, while it was considered too expensive to meet individual brokers.