Friday 21 July 2017

Dearbhail McDonald: One thing is for sure, drivers can't bank on insurance regulation alone

Kevin Vickers, Canada’s ambassador to Ireland, speaks with Siobhan Moran, Royal Bank of Canada, and Sinead Ovenden, PwC, at the Women’s Executive Network Conference
Kevin Vickers, Canada’s ambassador to Ireland, speaks with Siobhan Moran, Royal Bank of Canada, and Sinead Ovenden, PwC, at the Women’s Executive Network Conference
Dearbhail McDonald

Dearbhail McDonald

Imagine in a few years' time, maybe less, thousands of Irish motorists get left in the lurch after the collapse of their insurer, in this case one licensed by another EU or European Economic Area country.

It's not as unlikely as you might think.

Last year, Gibraltar-based Enterprise Insurance collapsed, affecting 14,000 Irish motorists. Some 75,000 Irish customers found themselves in precisely that precarious position in 2014 when Setanta - the car and van insurance behemoth licensed by the Malta Financial Services Authority - shut up shop when it decided that a solvent run-off of the business was no longer viable.

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