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Irish insurance troubles nothing new

08.04.10

Quinn Insurance company faces a challenging future.

The business, which is part of Sean Quinn's conglomerate, was placed into administration last week.

The High Court in Dublin appointed administrators on application by Ireland's financial regulator.

Regulation chief Matthew Elderfield told the High Court in Dublin that Quinn Insurance had "significantly breached" its solvency ratios.

The insurance arm of the Quinn Group, which offers motor, home and business and healthcare policies has a deficit of 200m euros.

Last week Mr Elderfield said one scenario could see administrators apply for a levy to be imposed on all insurance premiums, not just Quinn premiums, to help cover the company's losses.

Insolvency

It may sound like drastic action, but in fact, it is a story all to familiar in the Irish Republic.

In 1983 Irish motor insurance company, Private Motorists Protection Association, (PMPA) collapsed amidst insolvency issues.

Source: BBC News

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