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.
AA travel insurance backtracks on volcanic ash promise
AA travel insurance, an offshoot of the well-known motoring operation, has today reneged on a promise to cover the costs of travellers caught up in the volcanic ash saga. Initially the company had promised to cover additional travel and hotel expenses for customers with AA travel insurance but this promise has been withdrawn after the company's insurance underwriters refused to pay out. So desp...Read More
Home insurance 'will cover Christmas largesse'
Homeowners have been told to rest assured that their home insurance policies will in most cases cover the cost of Christmas presents.Recent research from LV= warned that many homes are at risk of burglary at this time of year, as people leave their expensive items on display because they want to show off their festive lights. As a result, the importance of home insurance is rarely greater than dur...Read More
What have the government got to hide about Equitable Life?
Despite the government wheeling out a statement suggesting that many of those customers who lost money in Equitable Life will receive compensation in the years to come, Ann Abraham of the Parliamentary ombudsman has hit out at the government's interpretation of her report. The report into the Equitable Life saga was deeply critical of the UK government and the regulatory regime created to look aft...Read More
Aon fined £5.25 million for compliance failures
The financial services authority (FSA) has today levied the largest fine ever on a UK insurance company with news that Aon has been fined £5.25 million for having insufficient internal controls to stop over $7 million worth of suspicious payments being made to overseas firms and individuals. It is not clear as to whether these payments were actually illegal or fraudulent but the fact that the int...Read More
Travel insurance claims rise following baggage crisis
Travel insurers are reeling the face of a massive rise in claims in the wake of the British Airways baggage crisis. Norwich Union has reported a 40 per cent increase in the number of claims for missing baggage in the first half of the year and InsureandGo saw an enormous 85 per cent rise in the same period. Airlines and airport operators have come under increasing criticism over lost and delayed b...Read More