{"id":607,"date":"2023-11-30T00:00:00","date_gmt":"2023-11-30T00:00:00","guid":{"rendered":""},"modified":"2026-04-29T09:28:00","modified_gmt":"2026-04-29T08:28:00","slug":"irish-motor-insurance-2-levy-for-10-years","status":"publish","type":"post","link":"https:\/\/micksgarageblog.org\/irish-motor-insurance-2-levy-for-10-years\/","title":{"rendered":"Irish Motor Insurance: 2% Levy for 10 Years"},"content":{"rendered":"<div style=\"text-align: justify;\"><span style=\"background-color: white;\">As reported on Newstalk and the Irish Independent, a new 2% levy will be introduced on Irish insurance policies, excluding health and life insurance, but including policies such as home and motor insurance.<\/span><\/div>\n<div style=\"text-align: justify;\"><span style=\"background-color: white;\"><br \/><\/span><\/div>\n<div style=\"clear: both; text-align: center;\"><a href=\"http:\/\/1.bp.blogspot.com\/-QKsGq7aZBXQ\/T_buVhZ7rxI\/AAAAAAAAAtg\/SH8UZ1DxiNU\/s1600\/logo-quinn-direct.gif\" style=\"margin-left: 1em; margin-right: 1em;\"><img decoding=\"async\" border=\"0\" src=\"http:\/\/1.bp.blogspot.com\/-QKsGq7aZBXQ\/T_buVhZ7rxI\/AAAAAAAAAtg\/SH8UZ1DxiNU\/s1600\/logo-quinn-direct.gif\" \/><\/a><\/div>\n<div style=\"text-align: justify;\"><span style=\"background-color: white;\"><br \/><\/span><\/div>\n<div style=\"text-align: justify;\"><span style=\"background-color: white;\">The levy is to raise funds to pay for \u20ac600 million from the Insurance Compensation Fund, which covers losses by insurance companies. However this fund currently only stands at \u20ac40million and losses at Quinn Insurance amount to \u20ac700 million. The buyers of Quinn Insurance, Anglo Irish Bank and Liberty Mutual, are unwilling to take on all the losses, therefore \u20ac600 million needs to be raised from the Insurance Compensation Fund and this will be done through the 2% levy.&nbsp;<\/span><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><span style=\"background-color: white;\">It is predicted the levy will need to be in place for 10 years, based on an insurance market value of around \u20ac3 billion (excluding life and health insurance).<\/span><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><span style=\"background-color: white;\">Sources:<\/span><\/div>\n<div style=\"text-align: justify;\"><a href=\"http:\/\/www.independent.ie\/\" rel=\"nofollow\" target=\"_blank\">Irish Independent<\/a><span style=\"background-color: white;\"> &#8211; <\/span><a href=\"http:\/\/www.independent.ie\/business\/irish\/price-of-sean-quinnrsquos-reckless-gambles-we-pay-euro400m-2875698.html\" rel=\"nofollow\" target=\"_blank\">Price of Sean Quinn\u2019s reckless gambles: We pay \u20ac400m<\/a><\/div>\n<div style=\"text-align: justify;\"><a href=\"http:\/\/www.independent.ie\/\" rel=\"nofollow\" target=\"_blank\">Newstalk<\/a><span style=\"background-color: white;\"> &#8211; <\/span><a href=\"http:\/\/www.newstalk.ie\/2011\/news\/5consumer-group-criticises-new-insurance-levy-plan21\/\" rel=\"nofollow\" target=\"_blank\">Consumer group criticises new insurance levy plan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Irish Motor Insurance: 2% Levy for 10 Years<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-607","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.7) - 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