Bill for Quinn Insurance collapse could rise to €1bn
The collapse of Quinn Insurance could cost Irish policyholders almost €1bn (£0.8bn), the Irish Independent has reported.
According to the Independent, the failed insurer’s administrators have warned the Irish Department of Finance that the bill is likely to be well above the €600m that was initially expected, and have submitted a demand of close to €1bn to the Insurance Compensation Fund (ICF).
The new figure means consumers could face a 2% “Quinn Insurance levy” on all general insurance policies for more than 15 years, in order to cover the costs of the insurer’s losses in the UK.
A spokesman for the Department
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