Irish authorities place Quinn Insurance into administration
The Irish financial regulatory authorities have today placed Quinn Insurance Ltd, one of Ireland's largest insurance companies, into administration amid unclear matters which have come to light after an investigation of the company. However, the company, founded by one of Ireland's richest investors Sean Quinn, believes it could have corrected the mystery issues without being placed into administration.
Quinn Insurance Ltd today claimed to be making around $27 million a month in profits although it is unclear why the regulator would act so swiftly if the company appeared to be in such good health. No doubt we will hear more rumours and counter rumours in the days and weeks ahead and while the authorities are looking to secure and firm up the financial sector, on the face of it there looks to be more short-term pain ahead but hopefully long-term gain.
This is yet another blow for the Irish financial sector which has become a very difficult place in which to trade over the last few months. Indeed the Irish authorities are looking to step in to take over a significant chunk of the market with an announcement expected at 5 PM hopefully clarifying the situation regarding the overall market.
Halloween proves a difficult period for insurance companies
Insurance company Aviva has today issued a statement warning customers to be wary of damage to their cars and burglaries over the Halloween and bonfire night period. The company has released statistics showing that on Halloween and bonfire night especially there have historically been significant increases in claims with regards to damage to motor vehicles and burglaries.
Osborne could merge income tax and national insurance
30/06/2014 Chancellor George Osborne could announce plans to merge income tax and national insurance (NI) into a single payment if they are re-elected in the next general election. The plan was first suggested by the Office of Tax simplification in March 2011, however, consultation on tax reform has so far been pushed back due to the complexity of integrating the two separate systems. The...Read More
Barclays Bank turns down UK government insurance scheme
As expected, after a green light from the Financial Services Authority, Barclays Bank has today refused to join the UK government's toxic asset insurance scheme. Citing the massive charges levied against banks in the scheme, Barclays is more than prepared to go it alone after receiving a clean bill of health from the FSA.
While there is no doubt that Barclays Bank, much like the vas...
UK pet insurance sector leads the way
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Brits warned over lying to car insurers
Britons have been urged to come clean with car insurance providers or risk being barred from the roads if their fraudulent claim is discovered. In a poll conducted by moneysupermarket.com, people were asked how they would react in the event of their car being stolen as a result of it being left unlocked. Of the sample some 33 per cent said that they would lie to their car insurance provider rather...Read More