New laws governing the operation of the insurance market are now in place with other rules coming into effect on January 1st 2023.
Central Bank research shows customers, who have stayed with their insurance provider for nine years or more, are paying, on average, 14 per cent more for private car insurance and 32 per cent more on home insurance.
There are currently 2.2 million private motor and 1.3 million home insurance policy holders around the country.
The practice known as price walking is now banned. Price walking is effectively a ‘loyalty penalty’, is where customers are charged higher premiums relative to the expected costs the longer they remain with an insurance provider.
Other elements of the new legislation provide for the collection of data by the Central Bank on State supports deducted from claim settlements in its National Claims Information Database.
The Act also protects consumer interests by enabling some UK firms to provide insurance cover to existing Irish policyholders.
The Central Bank is the regulator of the insurance market in Ireland.