IBA challenges accuracy of the Financial Regulator’s survey
The Irish Brokers Association (IBA) has strongly criticised the value and accuracy of the price surveys being published by the Financial Regulator.
The criticism comes on the day the Financial Regulator published its latest report on the cost of home insurance.
The IBA highlights that its members can surpass the quotes obtained by the Financial Regulator in 4 out of the 6 policy profiles outlined in its home insurance cost survey, while matching the best quote achieved in the remaining 2 profiles.
The figures, obtained through IBA members today, demonstrate that IBA members are capable of beating the best premium obtained by the financial regulator by up to €66 in some policy areas.
Stuart Reid director general services IBA said: “The Financial Regulator has consistently advised consumers of the need to shop around.
"However, the survey published today focuses on premiums obtainable from what they term as the main providers in the market; IBA members obtain quotes from all insurance providers in order to obtain the most competitive quote.
"By focusing their surveys in this way the Financial Regulator is, in essence, failing to follow its own advice on shopping around."
