“Insurance firms require strong customer-focused cultures and Central Bank will intervene on practices unfair or potentially unfair to consumers” – Director General Derville Rowland
Why this matters
This regulatory update from the Central Bank of Ireland focuses on the insurance sector, with a emphasis on conduct, culture, and customer treatment, particularly around business interruption insurance and differential pricing. It also discusses the sector's future challenges including digitization and climate change.
AI-generated classification rationale, not a full analysis. Verify with the original CBI source before acting. Full disclaimer.
What the CBI said
Differential Pricing and Business Interruption Insurance demonstrate Central Bank’s focus on conduct, culture and customer treatment Over €130 million paid in business interruption insurance claims to date Insurance sector needs to be prepared for the challenges ahead including digitisation and climate change Speaking…
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Context
Central Bank of Ireland (CBI) — Ireland's central bank and financial services regulator. We track 287 updates from them.
Ireland's Central Bank regulates funds and banking sectors. Browse all Ireland updates.
This update is classified under Consumer Protection / Conduct, Prudential / Capital Requirements, Operational Resilience / Outsourcing and Insurance & Pensions.