It is claimed insurance customers will have to pay for the mistakes of Quinn Insurance for years to come.

It emerged yesterday that the administration of the company is set to cost more than €1.6 billion.

The money will come from the Insurance Compensation Fund.

This is funded by a levy on home and motor insurance customers.

Markets Correspondent with the Sunday Business Post is John Ihle.

He says the regulator found a catalogue of mistakes at Quinn which will prove very costly for customers.