No new law needed to ban ‘price walking’ on insurance

The government says the Central Bank already has the power to stop insurers charging loyal customers higher premiums than new clients

15th August, 2021
No new law needed to ban ‘price walking’ on insurance
Price walking is a practice applied to loyal customers who are progressively charged higher premiums at renewal dates, even though the risk to the insurance company stays the same.

No new legislation will be required to ban insurers from charging loyal customers more for their car and home insurance, it has emerged.

The Central Bank of Ireland (CBI) last month published the findings of its review into so-called dual or differential pricing whereby new and renewing customers are charged different premiums for reasons other than risk or cost of service.

Its recommendations stopped short of banning insurers from offering new customers a discount, but...

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