Central Bank to ban 'rip-off' practices by insurers for loyal customers 

Under new rules, insurers will not be able to charge renewing customers a premium that is higher than they would have been charged if it was their first time taking out their policy

A ban on insurance companies charging a “loyalty penalty” to customers who choose to renew their policies will take effect on July 1, the Central Bank has said.

It said that, from this date, insurers would not be able to charge renewing customers a premium that is higher than they would have been charged if it was their first time taking out their policy. This practice has been referred to as price walking, or differential pricing.