Minister of State Seán Fleming at the Department of Finance. Photograph: Nick BradshawLoyal customers of insurance companies who have been overcharged for years should start to see reductions in the cost of renewing premiums from Friday as a new regulations banning so-called “price-walking” comes into force.
This includes legislation on rebalancing the duty of care between a premises owner with personal responsibility of members of the public, which will be debated in the Dáil on Friday. Central Bank research found that customers who stayed with their insurance provider for nine years or more were paying on average 14 per cent more for car insurance and 32 per cent more for home insurance.
Mr Fleming said reductions to premiums of people impacted by the practice “should start happening promptly” from July. Sinn Féin has raised concern that the ban will only kick in for new customers on the second renewal, with Mr Doherty saying companies could “dodge the ban” by front-loading an increase on the first renewal quote.
Source: Insurance Report (insurancereport.net)
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