Irish Regulator Eyes Ban On Insurance 'Dual Pricing'
Law360, London (July 21, 2021, 2:20 PM BST) -- The Central Bank of Ireland is considering a ban on the controversial insurance practice of dual pricing, which it described on Wednesday as a "loyalty penalty" on policyholders less likely to shop around for better prices.
Insurers typically offer artificially low premiums to new customers but increase prices for home and motor cover every year: a "loyalty penalty" on policyholders who fail to shop around. (iStock) The country's finance regulator said that consumers who stayed with their insurer for nine years or longer are paying on average 14% more for their car insurance, and 32% more on their home policy, than...
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