PEOPLE who remain loyal to the same insurer are paying a third more for their home insurance cover than new customers. And motor policyholders are being hit with a 14pc loyalty penalty, a Central Bank report has found. In response to this, the Central Bank has proposed a ban on what it calls pricing walking, as revealed in the Irish Independent earlier this week. Central Bank regulators want to ban price walking where premiums are hiked each year for those who do not shop around. Plans are also proposed to beef up complaints procedures for consumers impacted by dual pricing.

Source: Irish Independent July 21, 2021 11:03 UTC