Pressure mounts on insurance industry to pass on savings to consumers 

Dermott Jewell, policy adviser with the Consumer Association of Ireland: Insurance companies 'have to be held accountable, and a key part of this should be that the effects should be retrospective.' File picture: Photo/RollingNews.ie

The insurance industry is coming under pressure to outline how and when customers will benefit from a Central Bank plan to outlaw premium rises for existing customers. 

On Wednesday, the Central Bank revealed that loyal customers of nine years standing can expect to pay 32% more on their home insurance than a new customer, and 14% more in the case of motor insurance premiums.