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.
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