We welcome the Central Bank’s interim report, which is informative and balanced.

The report finds that differential pricing can encourage competition and innovation and facilitate market access for some consumers. It also finds that the practice can bring costs for other consumers.

This, in our view, underlines the importance of engaging with insurance providers and intermediaries to get the best deal and shopping around regularly, as consumers would with utilities such as telecoms/broadband or gas and electricity services.

Insurance is a competitive marketplace so we would strongly encourage consumers to actively seek out the best price and product that meets their needs.

Our members are already in the process of making changes to improve transparency where applicable. They have been working actively with the Central Bank and look forward to a continued constructive engagement throughout the remainder of the review.