A call has been made for insurers to cut premiums after a levy on policies was reduced. The Insurance Compensation Fund levy is to go from 2pc to 1pc from the start of next January. He said: “The Insurance Compensation Fund is an important protection mechanism for Irish policyholders. “This reduction will benefit approximately 2.3 million private motor insurance policies and 1.3 million home insurance policies on renewal in January 2026.”He said the reduction in the annual percentage rate will reduce the level of motor insurance contributions by approximately €57m in the new year. The Motor Insurers Insolvency Compensation Fund is designed to cover outstanding claims in the event of a motor insurer going into liquidation.

Source: Irish Independent December 30, 2025 13:50 UTC