Customers who stay with insurers punished with higher prices, Central Bank finds
PEOPLE who have been with an insurer for a long time end up paying the most for insurance, a probe by the Central Bank has found. This is due to what is known as dual-pricing where those who stay loyal to their insurer are punished with higher prices. Dual-pricing also sees insurers discriminating against the elderly and the vulnerable. The Central Bank said so-called dual pricing means customers who present the same risk and cost of service to an insurer paying different premiums. Insurance companies have been accused of ripping off consumers by using big data to work out who will just pay u...
Source: independent.ie