Irish policyholders to be hit by levy of up to 2% to pay for Quinn bailout
Consumers will be hit with an insurance levy to make up for a €620m (£548m) shortfall from the collapse of Quinn Insurance, it has been claimed.
Anglo Irish Bank and Liberty Mutual have agreed to buy the group, but are not willing to take on all the losses on its books.
As a result the Irish Independent reports the government will now have to make up this shortfall, and will do so by imposing a levy - expected to be between 1% and 2% - on every single general insurance customer in the country.
This has happened twice before, the Irish Independent added, in the 1980s when AIB's insurance arm, ICI, got into trouble and two years earlier, in 1983, when insurer PMPA collapsed.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Claims
Britain’s future subsidence hotspots revealed
British Geological Survey and Ordnance Survey data analysis, produced exclusively for Insurance Post, shows where climate change is set to intensify subsidence hazard exposure and pose growing challenges for property insurers over the coming decades.
Hall passes QuestGates CEO baton to Laker
Chris Hall will pass the CEO baton at QuestGates to long-standing lieutenant Greg Laker at the start of February, Insurance Post can exclusively reveal.
Is AI negligence the next legal fault line for PI insurers?
David Pryce, senior partner at Fenchurch Law, explains why unchecked reliance on artificial intelligence is already exposing legal professionals to negligence risks and potential gaps in insurance cover.
FCA rejects calls for further Covid BI interventions
The Financial Conduct Authority has rejected calls for further interventions on Covid business interruption claims, sayings its current position “continues to be appropriate”.
Chief claims officer lifts the lid on how Allianz caught £93m of fraud
Allianz chief claims officer Matt Cox has told attendees at the ITC London conference that the insurer was able to create a “hostile environment” for fraudsters without damaging customer experience through using voice analytics technology.
What does 2026 have in store for claims professionals?
Trade Voice: John Bissell, executive director of the Chartered Institute of Loss Adjusters, looks at the key topics that will dominate the claims agenda in 2026.
Perils gives final estimate for Storm Éowyn
Perils has given its final estimate for the insured loss resulting from Storm Éowyn, which affected the British Isles on 24 and 25 January 2025.
Blog: Claims standards are tightening, but rebuild costs are the real stress test
Claims handling is under FCA scrutiny, but rebuild factors may be shaping home insurance outcomes just as much, says Matthew Ward of RebuildCostASSESSMENT.com