Central Bank ‘will intervene’ in the event of unfair practices in insurance industry
Derville Rowland said the financial regulator was monitoring insurance providers ‘closely’ with regards to business interruption insurance and loyalty penalties
The director general of financial conduct at the Central Bank of Ireland said the financial regulator would “intervene” if required to prevent unfair practices in the insurance industry.
Derville Rowland, while addressing the Deloitte 2022 Insurance Industry Trends event, highlighted in particular loyalty penalties and failure to meet obligations in full when valid business interruption insurance claims are filed as areas that were being monitored “closely” by the regulator.
She said that...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine
Drop of 7% in motor insurance costs pales next to €163m profits in sector
Thanks to premium rises of 62 per cent in previous years, insurers are still sitting pretty with 12 per cent profit margins
Pandemic factors result in drop in cost of motor insurance
New data published by the Central Bank of Ireland shows motor insurance premiums dropped by 7 per cent on average from 2019 to 2020
Personal injury legal challenges ‘must be dealt with urgently’
Insurance reform advocates appeal for clarity after five constitutional challenges launched to personal injury guidelines introduced earlier this year
FBD told to pay pubs thousands in compensation over claims delay
Ombudsman said the insurer’s failure to recognise business interruption claims due to Covid-19 lockdown was ‘unreasonable and unjust’