Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

I welcome the Central Bank's reports, which confirm everything I have said, but the organisation has a role in consumer protection and should have been doing this itself. The Central Bank should not have had to be told by a Member of the Oireachtas to carry out this work. It is way behind the curve on this matter. These insurance companies have been practicing dual pricing for ages. What we know from the Central Bank's work is that this is happening and that people are being price gouged the longer they stay with an insurance company. It is not just about not renewing a policy; these insurance companies gather information on their consumers. They gather data through legal means, which the customer gives in the renewal policy or when taking out a new policy. The companies can also gather the information by purchasing third party information about our shopping and other habits, and they can gather information from social media posts and videos that people put up. This information is gathered for one purpose: how can they increase prices before we decide to move to a competitor. It should be banned. The Government should make a statement of intent that this practice will end and that it is going to protect consumers. In the middle of next year, for example, Aviva will not be able to price gouge their customers, motorists and homeowners in Belfast, Newry or Derry. Aviva here, however, will still be able to engage in dual pricing. Every major insurance company, with the exception of one, operates in both markets.