Sinn Féin spokesperson on Finance, Pearse Doherty, has welcomed today’s Central Bank review of the regulations to ban ‘price walking’ in the insurance market.
The new rule came into effect on July 1, 2022. Today the Central Bank’s report found that this ban has resulted in fairer pricing for consumers, with loyal customers now facing lower premiums whenever they renew.
This ban followed years of campaigning by Deputy Doherty to end this price gouging practice by the insurance industry.
“I welcome today’s report by the Central Bank on the regulations to ban price discrimination in the insurance market, which took effect on 1 July 2022,” Deputy Doherty said.
“This price gouging practice involves insurance companies identifying loyal and vulnerable customers and then charging them artificially high prices at renewal.”
In 2021, the Central Bank found that 2.5 million policyholders were paying a combined €187 million more than the actual cost of their policies as a result of this practice.
“For many years I campaigned to end this price gouging practice and put money back in consumers’ pockets – submitting a complaint to the Central Bank in October 2019 calling for this practice to be banned before introducing legislation to ban it in January 2021,” Deputy Doherty added.
“It is clear that the Central Bank responded and acted on that complaint. Today the Central Bank’s report has found that this ban has resulted in fairer pricing for consumers, with loyal customers now facing lower premiums whenever they renew.
“I am pleased that Sinn Féin’s long campaign to ban this practice and deliver fairer pricing for consumers is now having a positive effect.”
