Tuesday, 26 March 2019

Questions (208)

Fiona O'Loughlin

Question:

208. Deputy Fiona O'Loughlin asked the Minister for Finance the number of customers impacted by the failure of a company (details supplied); and if he will make a statement on the matter. [13397/19]

View answer

Written answers (Question to Finance)

Qudos Insurance A/S (Qudos) was authorised and prudentially regulated by the Danish Financial Services Authority (DFSA). It sold non-life insurance policies (mainly motor and home policies) in Ireland through Patrona Underwriting Ltd. on a freedom of services basis.

On 20 December 2018, the DFSA notified the Central Bank that Qudos had been declared bankrupt. Existing policies continued to remain in force but will automatically be cancelled on 29 March 2019 i.e. three months after the date of the bankruptcy.

In response to the Deputy’s question as to the number of customers impacted by the failure of Qudos, my officials have sought the relevant information from the Central Bank. Figures provided last week indicate that, at end-November 2018, Qudos had 51,012 policyholders in Ireland. However this has now fallen substantially due to policies being transferred to new insurers. The latest policyholder figures in respect of Qudos Insurance as of 20 March 2019 are set out below:

Product Name

Number of Policies

Household

2

Van

44

Total

46

The Central Bank has been working closely with the DFSA to ensure all Irish policyholders are identified and communicated with directly. Any policyholder who has concerns about their policy are advised to contact their broker in the first instance.