Enterprise Insurance has folded, with over 14,000 Irish Customers

Del2005

MugMugs wrote: »

Are you referring to the Setanta situation? Care to expand on the reasoning behind that?

Both options are funded by levies on insurance, so either way we'll be paying for it.

Fred Swanson

This post has been deleted.

MugMugs

Del2005 wrote: »

Both options are funded by levies on insurance, so either way we'll be paying for it.

Explain to me how the Irish Tax Payer picked up the bill for QUINN's UK and European debts and how the Irish Tax Payer in your opinion should pick up the bill from non Irish companies too?

GM228

MugMugs wrote: »

Explain to me how the Irish Tax Payer picked up the bill for QUINN's UK and European debts and how the Irish Tax Payer in your opinion should pick up the bill from non Irish companies too?

The Insurance Compensation Fund (ICF) covers any insurance company once it's authorised in any EU state and has Irish based policyholders.

Up until 2011 the fund covered any policies underwritten by an Irish company which is how we ended up covering Quinns UK operations, but now it only covers policies within the state.

In relation to the Quinn payment, it's interesting to note that despite their being a 2% levy to cover the costs the state incurred that the Quinn Insurance Administration has repaid 20% of the cost to the exchequer and is continuing to repay the rest in full as it was considered a loan by the state.

hi5

Neonite wrote: »

Understood Insurance companies are in the Supreme Court appealing high court ruling they should cover MIBI claims .Poor Insurances companies they lose business to cheaper alternatives and then have to cover the losses of those insurers when they go out of business. Ultimately it seems like the taxpayer and definitely policyholders will pick up the tab.

Well, you would wonder if the taxpayer ultimately pays then why not have basic third party insurance government funded and controlled.

My motor insurance company ARB who are Irish owned also have a base in Gibraltar....
http://www.insuranceage.co.uk/insurance-age/news/1191836/arb-sets-gibraltar-insurer

one man clappin

Just got a call from my broker. My insurance was not due until November. I now have to call to him today and pay him €590 less €120 that wrightway are compensating me to get my car insured.
I am not very happy with this, as I did not have a budget for this. Also my new quote is over €150 dearer than last year. :mad:

yop

Lucky only 150 quid, I'm driving 23 years with a full clean record. Its gone from 390 to 740 euro!!!! WTF.

Malcolm Tucker

Nody wrote: »

That's assuming the fund already had enough money which is not the case; if it goes to the compensation fund expect to see those 5% levies to be increased to 7.5% or higher to compensate.

Not necessarily the case. As it stands the actual Insurance Compensation Fund Levy is only 2%, the other 3% is a Government Stamp Duty on Insurance Policies and is part of general taxation i.e. it goes straight into government coffers.

The sums involved in the Setanta and Enterprise failures (the Irish portion at least) are small in comparison to the scale of the Quinn losses, so it may not prove necessary to increase the 2% levy at all.

The real issue here is the ability of Insurers to passport across borders without there being in place a compensation fund in the state where they are prudentially regulated (i.e. where their finances are assessed by the regulatory bodies). From what I can gather, Gibraltar has no Insurance compensation fund that covers customers located in other parts of the EU. Therefore you can set up an Insurance operation in Gibraltar at very low cost, but if you fail it is the policyholders of the states where you sell the insurance that have to cough up!

We're not the only EU state to suffer from this collapse, Enterprise sold policies in France and the UK too. I don't know what the French situation is, but the Financial Services Compensation Scheme in the UK is probably going to take a hit too and that is also a country where rising levies are adding to generally increasing insurance prices.

The EU has been aware of this problem for some time and even published a White Paper (discussion document) on harmonizing Insurance Compensation schemes across the EU. Unfortunately the series of crises that the EU has lurched from over the past 8 years has put a brake on anything being done about it. It is seen as small beans in comparison with the Banking / Sovereign Debt / Refugee / Brexit crises.

9935452

HeidiHeidi wrote: »

Well indeed - I don't know!

I only switched to this crowd (Zenith - anyone heard of them?? Headline name is Bump Insurance, which wasn't exactly reassuring, although I was assured they're legit) through a recommended broker after last year's crowd quoted me a 53% increase.

Personally id be wary of non named brand insurance companys.
A few years ago my broker got me compeditive quotes from a new insurance company who they described as 'very good '.
Setanta. I was with them for 2 years. For the 3rd year they tried putting up the premium by 70 percent.
I went else where. Later that year they went bang. Lucky escape for me

cplwhisper

I talked a buddy into moving away from a brokers renewal offer from setanta 2yrs ago as I'd googled them at the time... He bought me a pint as they folded 2 weeks later and he would have lost 1000+ .

Skip on to last Wednesday 20th his wife's car was to be covered via enterprise.. Again told him to be cautious as be she was covered by broker whom says enterprise 'were grand but cheaper' I advised he best go direct to his car insurer, blag the 2nd car discount and got her new cover... Then bye bye Enterprise on Friday... He says he owes me a keg now

Simple google the underwriter whom your broker is selling you cover for. If they only popped into Irish market in last 2-3 yrs there is fine chance they'll just 'pop' back out with your hard got .

Hope ye all get cover again

yop

cplwhisper wrote: »

I talked a buddy into moving away from a brokers renewal offer from setanta 2yrs ago as I'd googled them at the time... He bought me a pint as they folded 2 weeks later and he would have lost 1000+ .

Skip on to last Wednesday 20th his wife's car was to be covered via enterprise.. Again told him to be cautious as be she was covered by broker whom says enterprise 'were grand but cheaper' I advised he best go direct to his car insurer, blag the 2nd car discount and got her new cover... Then bye bye Enterprise on Friday... He says he owes me a keg now

Simple google the underwriter whom your broker is selling you cover for. If they only popped into Irish market in last 2-3 yrs there is fine chance they'll just 'pop' back out with your hard got .

Hope ye all get cover again

Myself and my wife are getting the remaining premium money back in this case. So thats a relief.

bren2002

Has anyone had their ncb cert issued yet?