Many insurance customers still believe they will be rewarded for remaining loyal to their insurer

Time-poor consumers were also less likely to switch their policies.

Ireland's switching rate is slightly lower than the UK (35%) but higher than the European average of 16%.

Significant numbers of car and home insurance customers still believe they will be rewarded for being loyal to their insurer despite incurring penalties by staying with the same firm over time.

A new study from the Central Bank has found that one in four private car insurance customers and one in five home insurance customers believe that loyalty is rewarded by companies when the same review found that this was not the case. The Central Bank has banned the practice of insurance companies charging loyalty penalties over time but companies are allowed offer discounts to new customers.