Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Much of the Minister's reply did not address the core issue I raised. I have previously raised many issues relating to scams and rip-offs in the insurance industry, but my question pertains to dual pricing in particular. I gave the example of my policy renewal and the €280 difference in pricing depending on whether I got the quote online or a renewal quote from the company's head office. The company thinks I will pay the higher premium because it uses an algorithm involving price sensitivity and data mining to prey on customers' loyalty. I am not the only person who has experienced this practice. A 21-year-old constituent of mine got a quote from Liberty Insurance of €5,160, which is an extortionate and rip-off price. She phoned the company and asked whether that was the best it could do. The staff member confirmed that it was so she then contacted me. When I entered her details into Liberty Insurance computer system, it returned a quote of €3,857. That is €1,300 less than the cheapest price the company told her it could offer. That is an example of dual pricing. It is wrong and anti-consumer. Companies are using an algorithm in their systems that preys on the vulnerability of people renewing their premiums.

It must be stamped out. It has been stamped out across the water. There is a major investigation. I have written to the Competition and Consumer Protection Commission and to the Central Bank. I am asking the Minister to state clearly his position not only broadly but about issues in the insurance industry. Will he stand up and be counted and say this rip-off must end? Will he back this investigation and implement the recommendations that flow from it?

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