Insurer goes Bang

[john m]

Another insurer gone under .Most of their policies were transport and small business .I wonder if they underwrote any of the Fleet Policies or were the underwriters for firms like taxi fair insurance .If I was on a fleet policy I would be contacting my broker ..........Who insured the Rickies 

[stonethecrows]

Who was it ?

[john m]

Danish insurer Qudos, which has around 50,000 Irish-based customers, has said it will not be paying out on any claims at present as the company has gone into liquidation.

Qudos, which filed for liquidation in Denmark on 27 November, would mostly have sold motor insurance policies to customers here via agents and brokers.

Although the company said its insurance policies are still valid, it will not pay out on any claims "at the moment" and expects to give more detail on the payment of outstanding claims within the next two weeks.

The Central Bank has said it "strongly recommends, based on the uncertainty around the payment of claims, that affected customers contact their insurance broker to arrange alternative insurance cover".

[john m]

delivery driver delivering for amazon just arrived in a euro rent a van he said his boss insured his fleet of vans with this crowd and had to take them off the road as he looks for cover ,his broker said he is not covered by law if the company goes inti liquidation .Its becoming a joke the amount of insurers who go broke and we pay more levies to bail them out .I wonder how many lads might lose their jobs over this

[Rat Catcher]

You have to wonder how Amazon can deliver stuff free of charge, the total price of some of my orders wouldn't cover the postage and sometimes they split tiny orders (e.g. little over STG£20) into two our three deliveries.

[stonethecrows]

I though all these cnuts had to be regulated by the Central Bank, and as such a man trying to earn a living would not be screwed up.

How the fcuk were they allowed underwrite policies ?

[Shallowhal]

I thought they had to have a certain amount of money lodged in an account to cover all eventualities?

[vandriver]

They were regulated by the Danish authorities.

[john m]

They were regulated by the Danish authorities.

but they must also be regulated by the Irish reg .I met with a UK company and did some work on their behalf there is a reason that a lot of insurers in ireland go tits up .First the Insurance company of Ireland wrote insurance for nuclear power stations and war ships (I kid you not ) they had no reserves and had to be bailed out by the government we still carry the risk as a nation .Then FF to win votes set up the PMPA run by Joe Moore they wrote policies that were underpriced to keep the voters happy they too had to be bailed out .then there was Quinn who also had not enough reserves to offset potential liabilities ,throw in Setanta and tens of others that you never hear of .This is why they go tits up after a while .If you set up shop in Ireland as an underwriter your company take on ALL  legacy debt even though you were not trading at the time .There is a honeymoon period where the Irish regulator allows you trade in the Irish market to give you the chance to build your reserves so you can contribute to the legacy fund .Commercially it is not possible to raise enough capitalto cover your liabilities so inevitabilly you go broke and bail out .Unfortunatly under european law the irish regulator must allow any insurer enter the market and must afford themtime to raise legacy capital even though they know they will fail .Insure my van and others just played the system ...

Axa Aviva and the other big players who were in here before the 70 are pot committed even if they left they would carry the risk .Dont mind the bolloxology no insurance company operating in Ireland makes a profit on motor or life insurance .The pay off for the insurers is they get to invest government funds into pension funds and the profit fromthat gives them a small profit .The reason irish awards are higher is so premiums can be higher and government get VAT and Stamp duty on premiums .In the words of Gods son ,Its a Rat trapany youve been caught .

[john m]

They were regulated by the Danish authorities.

but they must also be regulated by the Irish reg .I met with a UK company and did some work on their behalf there is a reason that a lot of insurers in ireland go tits up .First the Insurance company of Ireland wrote insurance for nuclear power stations and war ships (I kid you not ) they had no reserves and had to be bailed out by the government we still carry the risk as a nation .Then FF to win votes set up the PMPA run by Joe Moore they wrote policies that were underpriced to keep the voters happy they too had to be bailed out .then there was Quinn who also had not enough reserves to offset potential liabilities ,throw in Setanta and tens of others that you never hear of .This is why they go tits up after a while .If you set up shop in Ireland as an underwriter your company take on ALL  legacy debt even though you were not trading at the time .There is a honeymoon period where the Irish regulator allows you trade in the Irish market to give you the chance to build your reserves so you can contribute to the legacy fund .Commercially it is not possible to raise enough capitalto cover your liabilities so inevitabilly you go broke and bail out .Unfortunatly under european law the irish regulator must allow any insurer enter the market and must afford themtime to raise legacy capital even though they know they will fail .Insure my van and others just played the system ...

Axa Aviva and the other big players who were in here before the 70s are pot committed even if they left they would carry the risk .Dont mind the bolloxology no insurance company operating in Ireland makes a profit on motor or life insurance .The pay off for the insurers is they get to invest government funds into pension funds and the profit fromthat gives them a small profit .The reason irish awards are higher is so premiums can be higher and government get VAT and Stamp duty on premiums .In the words of Gods son ,Its a Rat trapany youve been caught .

[The Liffey Lip]

Slaves is all us plebs are.

[Rat Catcher]

They were regulated by the Danish authorities.

but they must also be regulated by the Irish reg .I met with a UK company and did some work on their behalf there is a reason that a lot of insurers in ireland go tits up .First the Insurance company of Ireland wrote insurance for nuclear power stations and war ships (I kid you not ) they had no reserves and had to be bailed out by the government we still carry the risk as a nation .Then FF to win votes set up the PMPA run by Joe Moore they wrote policies that were underpriced to keep the voters happy they too had to be bailed out .then there was Quinn who also had not enough reserves to offset potential liabilities ,throw in Setanta and tens of others that you never hear of .This is why they go tits up after a while .If you set up shop in Ireland as an underwriter your company take on ALL  legacy debt even though you were not trading at the time .There is a honeymoon period where the Irish regulator allows you trade in the Irish market to give you the chance to build your reserves so you can contribute to the legacy fund .Commercially it is not possible to raise enough capitalto cover your liabilities so inevitabilly you go broke and bail out .Unfortunatly under european law the irish regulator must allow any insurer enter the market and must afford themtime to raise legacy capital even though they know they will fail .Insure my van and others just played the system ...

Axa Aviva and the other big players who were in here before the 70s are pot committed even if they left they would carry the risk .Dont mind the bolloxology no insurance company operating in Ireland makes a profit on motor or life insurance .The pay off for the insurers is they get to invest government funds into pension funds and the profit fromthat gives them a small profit .The reason irish awards are higher is so premiums can be higher and government get VAT and Stamp duty on premiums .In the words of Gods son ,Its a Rat trapany youve been caught .

You can say that again.

[Shallowhal]

Please RC!!