2% insurance levy to hit soon as Quinn administrators call on fund

Insurance-holders facing the introduction of a 2% levy on their policies could be hit with the new measures within the next few weeks.

The insurance levy, which applies to all insurances except health and life insurance, is being introduced after administrators at Quinn Insurance triggered a call of €600m on the Insurance Compensation Fund.

Chief executive of the Irish Insurance Federation Mike Kemp said Irish families and small Irish businesses will suffer.

"Everything bar life insurances will be affected, including property, motor and commercial insurance," he said.