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Insurance industry says it will engage with Central Bank probe into dual-pricing

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Insurance industry says it will engage with Central Bank probe into dual-pricing in the Irish Market

Image: Shutterstock/Africa Studio Image: Shutterstock/Africa Studio THE INSURANCE INDUSTRY has said it will “engage constructively” with the Central Bank probe into dual-pricing.

The committee agreed last month to launch an investigation into the practice by some insurance firms of charging current customers higher rates on renewal than the rates offered to new clients. “We would advise them to do so as they would for other services and utilities. Insurance Ireland understands from media reports that the Central Bank of Ireland intends to assess adherence to the Consumer Protection Code.

The assessment by the Central Bank has also been welcomed by Brokers Ireland, which represents over 1,250 broker firms.

 

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