THE High Courts ruling on Quinn Insurance this week has left thousands of worried health, motor, household and commercial insurance policy holders wondering as to what material affect this change will have on them. The Irish Brokers Association which represents 80% of general insurance brokers in Ireland has issued some guidance in response to recent developments and has urged people in Limerick not to be overly concerned but to engage the expert advice of a broker to answer any questions or queries they may have.
Brian McNelis, Director of General Services of the Irish Brokers Association commented, “Our brokers have been inundated with inquiries from clients. Some are worried about claim payments while others are concerned about whether or not to renew with Quinn. We would suggest that those consumers who are concerned by this development should contact their broker. IBA brokers are also willing to help those policyholders who presently deal directly with Quinn Insurance.
We would have the following advice for the affected policy holders in Limerick:
*Quinn Life is a separate entity and is not in administration so these policy holders will not be affected
*Although Quinn Insurances are in administration it is business as usual and customers policies are valid
*All pending claims will be treated in the usual manner
*It is important to note that for insurance cover to continue premiums must continue to be paid.
Brian concluded, “Whilst we are saddened by these developments, we welcome the action of the Financial Regulator to deal decisively with any problems that they have unearthed and we welcome the reassurance given by the administrator that all valid claims will be paid. This is an important comfort for customers of Quinn however, we would be slightly concerned that a more stringent interpretation of policy wordings, terms & conditions etc. may be applied before settling which could result in delays. Our advice to existing Quinn customers in Limerick if they are concerned would be to look at the choices that are available on the market by contacting their broker and taking whatever action they deem appropriate to their particular circumstances”.
