INSURERS have rejected proposals from Environment Minister Phil Hogan that a levy should be introduced on quarrying and some insurance products to fund a pyrite remediation scheme.
A levy on non-life insurance policies to fund a pyrite remediation scheme would be unacceptable and unjust, the Irish Insurance Federation said. Non-life policyholders already pay levies of 5pc, made up of government stamp duty and the Quinn Insurance levy.
Planning permits down by one-third
THE number of planning permissions granted during the three months to the end of September was down more than one-third compared with the same period last year.
Official CSO figures show planning permissions for dwelling units fell 34.8pc to 1,638. Just over half the planning permissions granted were for one-off houses. The total number of permissions granted for all types of development during the third quarter was 4,047, a fall of 9pc on the same period last year.
Greek credit grade up by six notches
Standard & Poor's has upgraded Greece's credit grade by six notches.
This pulled the country out of default but still keeps its devalued bonds in junk status. S&P said the upgrade to B- reflected its view that the other eurozone countries were determined to keep Greece in the currency union.
German business optimism rises
A KEY measure of German business optimism rose slightly more than expected in December.
The reading suggests it will avoid a recession despite a recent slowdown in growth. The Ifo institute said its main index rose to 102.4 from 101.4 the month before. The expectation among market analysts was 102.
Lloyd's 'can cope' with Sandy claims
THE Lloyd's of London insurance market said it can cope comfortably with claims from Superstorm Sandy that could cost it up to $2.5bn (€1.8bn).
This would be the third-biggest loss in its 324-year history. "The Lloyd's insurance market remains financially strong and, while claims from this storm could still evolve over time, the market's total exposure is well within worst-case scenarios," chief executive Richard Ward said.