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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Dual pricing, however, is not about pricing the risk. Dual pricing is the layer above the risk where one looks at behaviour statistics. For example, the EIOPA study, in which 222 insurance companies participated, makes it clear. A different type of data is used. There are the data we provide to the insurance companies. Third-party data are purchased legally by the companies from other...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Mr. Hassett mentioned the European Insurance and Occupational Pensions Authority study. The study described price optimisation, which is dual practice, as when the consumer's premium depends not only on the risk but also on price sensitivity and the likelihood of shopping around, and stated that it could be challenging from a fairness and ethical perspective, and that this is particularly...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: The report also made the point that insurance companies will move into this area in an accelerated way, particularly over the next three years, and that insurance companies now use data sources such as genetics. Is Mr. Hassett aware of any company in Ireland using genetics as a data source?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Will Insurance Ireland host a forum on the ethics of dual pricing and reaching Insurance Ireland's aim of protecting consumers, just as it did on fraud and compensation culture?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: I have focused mainly on the impact of dual pricing on consumers. We know it is banned in at least 17 states in the US. A major study was done in Britain, which has many of the same operators as we do in this market. Some of them have acknowledged to the committee they also operate dual pricing in this market. The study in Britain found it affected 6 million consumers and that they were...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Given Insurance Ireland's aims, will it broadly ask the insurance companies to see whether this is-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: This could play out, for example, whereby an award made in a certain Eircode postcode area which, according to CSO data may have a very low level of education, perhaps only primary education, is less than what is paid out for an identical claim in Dublin 4. An insurance company would pay out less in a more impoverished area because it would believe that person would be less likely to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: With regard to the issue of dual pricing, when representatives of the Financial Services and Pensions Ombudsman came before us they were very clear in their opening statement and under questioning that they believed it would be wrong if pricing was not based on risk and if the insurance companies had a pricing factor that was not the same for consumers right across the board, and that the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: 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...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Insurance Ireland has done a number of conferences with it in the past. Milliman has made the risk very clear. It stated the risk could manifest in the form of bad press prompting more customers to shop around and potentially it could spiral into a bigger problem for a firm. It has made it clear that it is about punishing loyalty. Has Mr. Hassett seen the research done by the Financial...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Does he accept the FCA research? I will recount some of it. If someone renews with an insurance company on four or more occasions, the loyalty premium that person will be hit with is 20%. If people stay with the same company for ten years or more, the average loyalty premium is 40%. Does Mr. Hassett accept this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: How come thousands of people can go on to a company's website when they get their renewal quote and get a reduced price, excluding the new customer offers that can range from 10% to 20% and are sometimes capped at a value of €150? How come this happens? It happens across the board. Is Mr. Hassett seriously telling me, as the CEO of Insurance Ireland, that he does not have a clue...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: My final question relates to those who are insured abroad. Insurance Ireland moved on this a year and a half ago when a process was set up. The witnesses might recount this to the committee. Many people are very frustrated. For instance, I was contacted by one individual who was insured by AXA Insurance in another European country. When the person moved back to Ireland their no-claims...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: I am not talking about pricing. Companies can price whatever way they want-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: If a company insures a customer in Germany and the same company insures that person in Ireland when they return home, should the company not accept that the customer has a no-claims record with the company?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: That does not get away from the fact that some insurance companies will not recognise that a person was insured with the same company in a different jurisdiction and has a clean driving record. When such individuals return they lose their no-claims bonus and are fleeced.

Written Answers — Department of Foreign Affairs and Trade: Brexit Issues (20 Nov 2019)

Pearse Doherty: 62. To ask the Minister for Foreign Affairs and Trade if he will engage with the UK Government to resolve the ongoing dispute over the ownership of Lough Foyle in the context of the decision by the UK to withdraw from the London Fisheries Convention, effective upon Brexit. [47904/19]

Written Answers — Department of Education and Skills: School Transport Eligibility (20 Nov 2019)

Pearse Doherty: 126. To ask the Minister for Education and Skills if consideration will be given to providing additional school transport for a student (details supplied) in County Donegal; and if he will make a statement on the matter. [48055/19]

Written Answers — Department of Education and Skills: School Transport Provision (20 Nov 2019)

Pearse Doherty: 130. To ask the Minister for Education and Skills if consideration will be given to provide additional transport by Bus Éireann for students (details supplied) in County Donegal; and if he will make a statement on the matter. [48160/19]

Written Answers — Department of Health: Ambulance Service Provision (20 Nov 2019)

Pearse Doherty: 203. To ask the Minister for Health the reason a person (details supplied) in Country Donegal was not provided with ambulance transport back to the county following an operation in Galway University Hospital; and if he will make a statement on the matter. [48155/19]