Clarity needed on Fallout from Collapse of Qudos Insurance Says Crowe

Dublin South West TD Seán Crowe has said the collapse of the Danish-regulated Insurance Company Qudos needs to be explained and some greater clarity given to the over 1,544 of its claimants and Irish motoring public. Crowe said Qudos cannot be allowed to walk away from its responsibilities particularly as it was regulated in Denmark

Deputy Seán Crowe said

The collapse of the Danish regulated Insurance Company has left those with outstanding claims in the dark and greater clarity is needed from the Government on how the 1,544 claimants now stand. Qudos cannot be allowed to just walk away from its responsibilities on a technicality particularly as it was supposedly regulated in Denmark

There are an estimated 1,544 open claims relating to Qudos Insurance – 155 of these are household claims and 1,389 relate to motor insurance. Based on our bad experience following the collapse of other Insurance companies like Setanta the cost of settling many of these claims is likely to run into millions if not tens of millions of euro.

Will Irish policyholders end up carrying the financial cost once again of this latest insurance company collapse?

“There are a huge amount of questions that need urgent answers around the collapse of Qudos. We need immediate clarity particularly around the failure of regulatory system in Denmark and who will be saddled with the claims bill if it is put into bankruptcy as expected next year

“The Minister for Finance needs to bring some answers and clarity to this mess particularly for the 1544 claimants who now face into the very real prospect of  a new year with no idea who and how their outstanding claims will be processed. The Irish motoring public also need assurance and to know that won’t be asked once again to carry the can for this latest collapse of an insurance company.”

ENDS