Dáil Éireann Debate, Wednesday - 19 December 2018
149. Deputy Michael McGrath asked the Minister for Finance the number of policyholders impacted by the failure of a company (details supplied) by insurance category, that is, home insurance, motor insurance and so on; and if he will make a statement on the matter. [53945/18]
Amharc ar fhreagra150. Deputy Michael McGrath asked the Minister for Finance the number of claimants here impacted by the failure of a company (details supplied) by insurance category; the rules relating to to the Insurance Compensation Fund for which claims receive 100% compensation and to which claims are subject to the 65% and €825,000 limit; the details of the claimants impacted by the failure of the company by those that fall into the 100% compensation cohort; the number that fall into the 65% and €825,000 limit; and if he will make a statement on the matter. [53946/18]
Amharc ar fhreagraI propose to take Questions Nos. 149 and 150 together.
In response to the Deputy’s questions, my officials sought the relevant information from the Central Bank.
The Central Bank has indicated that as of end November 2018, there were 51,012 policyholders in Ireland that have been impacted by the developments with Qudos. Patrona Underwriting Ltd has issued a statement saying that policies remain valid and in force until their natural expiry date, however given the current Qudos position and in line with Central Bank recommendations they have provided brokers with options to replace all insurance covers with other providers at no extra cost to consumers. Qudos has published a Q&A for policyholders on its website - www.qudosinsurance.dk/qa/. The Central Bank advise that the vast majority of these have now been re-broked / transferred to new providers and have provided the following breakdown of the type of policies:
|
Product Name |
Number of Policies |
|
Van |
37,948 |
|
Fleet |
311 |
|
Haulage Fleet |
21 |
|
Haulage non Fleet |
29 |
|
Non-standard Evolve |
397 |
|
Private Car |
1,366 |
|
Household |
10,940 |
|
Total |
51,012 |
The Central Bank has also indicated that as of 14 December 2018, there was 1,544 open Qudos claims broken down by: Household 155 and Private Car 1,389. However until the solvency or otherwise of Qudos is determined it is not possible to say which compensation scheme may cover eligible claims (i.e. the Danish or Irish scheme).
In relation to the rules of the Irish Insurance Compensation Fund (ICF), the Deputy will be aware that its fundamental purpose is to provide a certain minimum level of protection for policyholders where an insurance company goes into liquidation. Under the scheme, as a general rule a claimant is entitled to a payment up to 65% of their claim or €825,000 whichever is the less. However the Insurance (Amendment) Act 2018 has increased the level of ICF coverage for all future third party motor claims from the 65% level to 100% with the additional 35% coverage financed through an ex-ante industry contribution.
