A Danish company that provide underwriting services for insurance companies in Ireland have gone into liquidation, sparking fears that up to 50,000 Irish people could be left with worthless policies.
Qudos, a company that provides cover here in Ireland, have gone into liquidation, meaning that payouts on outstanding claims have been put on pause at the moment.
Those who have their insurance underwritten by the Danish firm now face the process of finding new policies as soon as possible, with the Central Bank recommending that customers of Qudos look for alternatives immediately. The liquidators in charge of the company have said that they will provide an update within two weeks.
There is a fund in place in Ireland to pay for claims under liquidated insurance companies, though it is not yet clear if that step will be needed. There is a risk that it may hit all Irish customers if a levy needs to be introduced to cover the unpaid claims. That has previously happened with Setanta Insurance and Quinn Insurance, but there has been no suggestion that a levy is being prepared at this stage.
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