It was announced last week that Quinn Insurance had been put in administration due breaching solvency rules in respect of how much money was set aside to cover claims. This is a matter that is still currently under debate but for the time being, the insurer is not allowed to conduct new business or renew policies.
This has obviously caused major concern for policyholders of Quinn Insurance, some who believe that their insurance policy is no longer worth the paper it’s written on. Despite the reason for the insurer going into administration, it has confirmed by the administrators that all existing policyholders will continue to be covered and fully protected in the event of a claim.
Unfortunately these guarantees have not been good enough for some policyholders who have already started seeking alternative cover. A lot of people may be due to renew in the forthcoming weeks and staying with Quinn is no longer an option.
Quinn Insurance is most known for its motor policies but they are also involved in home insurance and public liability insurance. They have a considerable presence in the UK market and are the second largest insurer in Ireland being where the company is based.