'A victory for consumers': Probe finds insurance sector ripped off loyal customers

The financial regulator said that its review of 11 insurance providers and 11 million policy records has shown "that some of the practices identified could result in unfair outcomes for some consumers in the private car and home insurance markets”.

The Central Bank is to propose the banning of higher pricing of insurance premiums for loyal customers from next year after a seismic review of how motor and home insurance premiums are priced.

The financial regulator said that its review of 11 insurance providers and 11 million policy records has shown "that some of the practices identified could result in unfair outcomes for some consumers in the private car and home insurance markets”.