Insurance industry data delayed for QIL to 'restate' figures
Published 28/09/2011 | 05:00
THIS year's insurance industry data will be at least two months late to allow Quinn Insurance to "restate" its 2009 figures and give the Cavan insurer time to get its 2010 accounts signed off.
Senior industry sources confirmed that insurers have been told that this year's 'Blue Book' compiled by the Central Bank, and a separate 'Factfile' from the Irish Insurance Federation (IIF), won't be ready until late November at the earliest.
Last year's Blue Book and Factfile were both available in early September, offering a detailed breakdown of insurers' markets share, profits, dividends, reserves and claims, as well as insights into the state of key insurance markets like motor and property.
It is understood that the delay in this year's publications relate primarily to two issues with Quinn Insurance Limited (QIL), which has been under administration since March 2010.
QIL is "restating" its figures for 2009 to incorporate the impact of guarantees the insurers gave for its parent companies' borrowings. Preliminary confidential data circulated this week suggests the restatement is "significant", sources said.
QIL has also told the Central Bank and the IIF that it will not be in a position to file its 2010 figures until November, when its accounts have been signed off by auditors.
A spokesman for the Central Bank declined to comment.
The IIF confirmed that it had told members its 'Factfile' would not be published until November.