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 the Central Bank said the regulator was ‘monitoring closely’ to ensure insurers meet their obligations. Picture: Rolling News

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 an emphasis “on ...