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Expect Motor Insurance Premiums to Rise

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  • 07-08-2012 4:29pm
    #1
    Francie Barrett
    Registered Users Posts: 16,398 ✭✭✭✭


    http://www.irishtimes.com/newspaper/breaking/2012/0807/breaking37.html
    The Central Bank has not ruled out the possibility the €1.65 billion worst-case call on the State’s Insurance Compensation Fund to cover losses at Quinn Insurance could rise further.
    Domhnall Cullinan, head of general insurance supervision at the Central Bank, told the President of the High Court, Mr Justice Nicholas Kearns, the Central Bank hoped the €1.65 billion figure was “as bad as it gets” but added, “further peels of the onion”, through additional reviews of the business, means the call on the fund “could get worse”.
    ..........
    Mr Justice Kearns was hearing evidence from Mr Cullinan and one of the joint administrators, Michael McAteer of accountancy firm Grant Thornton, about why the claim on the compensation fund, which is being funded by a 2 per cent levy on all non-life insurance policies, has risen from no call at all in 2010 to €738 million last year and possibly up to €1.65 billion under a worst-case scenario this year.
    Mr McAteer said the administrators expected the likely call on the compensation fund to be in the range of €1.1 billion to €1.3 billion and the €1.65 billion was based on considerable contingencies.
    Back of the fag packet calculations suggest that the 2% levy will be doubled.


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