Officials from the competition watchdog - the Competition and Consumer Protection Commission (CCPC) - have raided a number of insurance companies and brokers as part of an investigation into alleged price fixing.

Officers from the commission carried out the raids this morning.

It comes amid an investigation into the industry by the CCPC, amid concerns that companies were openly signaling price increases in breach of competition law.

A number of industry groups were issued with witnesses summons when the investigation was launched last year.

At the time, the commission said it would "closely monitor developments and will, if necessary, take action to stop specific anti-competitive practices in the motor insurance sector".

Sinn Féin's Pearse Doherty welcomed the news of today's raids, saying the dramatic spikes in insurance prices "point to sound grounds for investigation".