Motorists and householders could be in line for a small break after a decision to reduce the levy on vehicle insurance policies.
The Insurance Compensation Fund levy is to go from 2pc to 1pc from the start of next January.
It is known as the Quinn Levy as it was put in place to cover the losses incurred by the collapse of Seán Quinn’s insurance empire, where appropriate cash reserves were not maintained.
This marks the first change in the levy in 14 years, according to the Central Bank of Ireland, which administers the levy.
The reduction is estimated to reduce the amount collected by the levy by around €57m across the whole sector.
Central Bank executives said as the average motor premium for last year was €616 this means a 1pc reduction would equate to around €6 for consumers.
m.independent.ie