Sinn 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.”