September 22, 2020
Insurance customers cannot afford another year of rip-off dual pricing – Pearse Doherty TD

Pearse DohertySinn Féin spokesperson on Finance Pearse Doherty TD will bring forward legislation to ban the practice of insurance dual pricing in Ireland.

Deputy Doherty has long called for a ban on the practice, which targets vulnerable, elderly and low-income groups.

He is now urging the government to follow the example set by the British regulators, who today announced a move to ban the practice, which saw customers overcharged by as much as £1.2 billion in 2018 alone, from the British insurance market.

Speaking today, Teachta Doherty said: “Insurance companies use dual pricing to penalise loyal and vulnerable customers with artificially high premiums.

“They do this by using big data – even using social media – to target individuals who are less likely to shop around. It is known to target vulnerable, elderly and low-income groups.  

“Today, the British regulator announced that it would be banning dual pricing in the insurance market, after finding that customers were overcharged £1.2 billion in 2018 alone as a result of the practice.

“In October last year, I submitted a complaint to the Central Bank calling for the practice to be investigated and banned in the Irish market.

“Two weeks, ago the Central Bank found in the initial phase of its investigation that the vast majority of insurance companies are using dual pricing to rip off customers in Ireland. 

“Irish customers cannot afford to wait another year for the Central Bank to finish its review. 

“What we need is immediate action – dual pricing must be banned. It is as simple as that.

“It has been banned in over 20 States in America. Today, the British regulator announced that it will do the same. There is no excuse for government delaying doing the same here.

“Sinn Féín will be introducing legislation in the Dáil to ban dual pricing outright.

“It is time to end the insurance rip-off.”

Follow us online

Latest Tweets

Gardaí must be given all necessary support to end scenes of intimidation at Malahide Road – Pa Daly TD

"This is a community under attack from people determined to spread fear and hate. The community wants the mindless violence to stop immediately."

There are serious questions to be answered about the use of Shannon Airport. We're talking about potential complicity in Israeli genocide.

The time has come to impose sanctions on Israel's regime, which has been responsible for the deaths of up to 185,000 people @Farrell_Mairead

Cllr. Mícheál Mac Donncha condemns ‘deplorable’ violent criminal acts on Malahide Road

"This is an effort to spread fear and hate in our communities and the vast majority of decent people want nothing to do with it."

The next time a ball is kicked for the European Championship, it could be at Casement Park!

This is our time to shine on the global stage. Let’s make it happen!


Load More