Quinn Insurance collapse cost Irish policyholders £54m in 2013

Irish policyholders paid €65.7m (£54m) to cover the collapse of Quinn Insurance in 2013, up 44% on the €45.6m they paid in 2012, the Irish Independent reports.

Policyholders in Ireland have to pay a levy of 2% of premiums on home, motor and commercial policies to help cover the cost of the failed insurer.

Citing figures from Ireland’s finance minister Michael Noonan, the paper also said that a further €15m had been collected from policyholders so far in 2014, bringing the total levied so far to €126.3m.

Quinn’s failure has cost an estimated €1.6bn (£1.28bn).