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10/09/2010
Quinn Customers 'Pay For Losses'
There is to be a 10% increase in motor and home insurance for Quinn Insurance customers in the coming months after news today that the struggling cross-border business reported operating losses of €127m for last year.
County Fermanagh-based owner Sean Quinn (pictured) owes Anglo Irish Bank €2.8bn after Quinn Insurance was put into administration by the High Court in Dublin in March after the Financial Regulator for Ireland raised concerns about its solvency.
Hit by both the health insurance levy and the cost of covering claims to do with last winter's bad weather, Quinn Insurance, which provides cover for one in five motorists in Ireland, says home and motor premiums are likely to increase by double digit figures in the next couple of months.
Administrators say the firm is performing robustly, but figures out this morning show a loss for 2009 of over €750m.
The bulk of the loss, at €677m, stems from a charge to do with Quinn's controversial inter-group guarantees that pushed Quinn Insurance into administration last spring.
(BMcC/KMcA)
County Fermanagh-based owner Sean Quinn (pictured) owes Anglo Irish Bank €2.8bn after Quinn Insurance was put into administration by the High Court in Dublin in March after the Financial Regulator for Ireland raised concerns about its solvency.
Hit by both the health insurance levy and the cost of covering claims to do with last winter's bad weather, Quinn Insurance, which provides cover for one in five motorists in Ireland, says home and motor premiums are likely to increase by double digit figures in the next couple of months.
Administrators say the firm is performing robustly, but figures out this morning show a loss for 2009 of over €750m.
The bulk of the loss, at €677m, stems from a charge to do with Quinn's controversial inter-group guarantees that pushed Quinn Insurance into administration last spring.
(BMcC/KMcA)
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Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
