KEY FACTS – Unrated Insurers
KEY FACTS -The reason for company failures
- 35% due to insufficient reserves
- 21% due to rapid growth (under pricing)
- 10% due to alleged fraud
- Gable 2016 - 200,000 policyholders
- Enterprise 2016 - 48,000 policyholders
- Quinn 2010 - 1.3m policyholders
- Arise in respect of liability subject to compulsory insurance (employers liability/road traffic act)
- Arise in respect of a liability subject to professional indemnity insurance
- Personal Lines (retail)
- Goods In Transit
- Marine
- Aviation
- Credit Insurance
- Reinsurance
- Struggle to find alternative insurance
- Pay for another insurance policy at substantial higher premiums
- Have to fund claims for anything other than the FCSC guarantee
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