Oireachtas Joint and Select Committees

Thursday, 21 November 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Dual Pricing for Insurance: Discussion (Resumed)

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I understand that mortgages and insurance are two different products. The point and correlation I am making is that a small number of people took a case to the Financial Services and Pensions Ombudsman with regard to tracker mortgages and the small number of people who saw their claims through opened up a serious problem, and rightly so, for the banks, which had to end the practice and restore more than €600 million into customers' accounts. If the financial services ombudsman adjudicates as he has suggested, and it will have to be proved that insurance companies are not basing simply on risk and are punishing customers as a result of loyalty, would the insurance industry not have a major problem? This is part of the insurance industry. Insurance Ireland will do a conference with Milliman next week.

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