Policyholders to foot Quinn bill for 15 more years

The costs of home, motor and commercial insurance are expected to carry extra levies for 15 more years as a result of the collapse of the Quinn empire.

Administrators to Quinn Insurance are expected to advise the High Court today that the cost of the administration will reach between €1.1bn and €1.2bn.

This is far higher than the €738m envisaged by Michael Noonan, the finance minister, when he announced a 2% levy on policies offered by all insurers for the next 12 years. The levy was to replenish the Insurance Compensation Fund, which will be tapped into by administrators to pay any outstanding claims or other items associated with the administration.