Central Bank plans to ban ‘loyalty penalties’ for car and home insurance

Customers who stay with a private home insurance provider long-term pay almost a third more for their premiums, analysis by the regulator has found

The analysis by the Central Bank found that long-term customers pay on average 14 per cent more more on private car insurance. Picture: Getty

Customers who stay with one insurer for longer pay “significantly” higher premiums, a review of Ireland’s private motor and home insurance market has shown.

The Central Bank found that certain differential pricing practices, such as price walking – where a customer is charged more, year after year, by staying with the same company – “could result in unfair outcomes for some consumers in the private car and home insurance markets”.

The analysis by the financial ...