Q&A: What does the UK decision on insurance costs mean for Irish customers?

Consumer groups have also criticised the practise in Ireland after a report from the Central Bank last year found similar pricing mechanisms targeting Irish customers.

What does a new ruling in the UK mean for Irish customers? File picture. 

A British regulator, the Financial Conduct Authority (FCA), has ruled insurers can no longer penalise loyal car and home insurance customers.

Consumers who renew their policy rather than purchase a new product often face higher premiums as a penalty for their loyalty.