Enterprise Insurance collapse: What you need to know if you’re a customer

Thousands of Irish policyholders affected by winding down of Gibraltar-based company

enterprise ireland

File photo shows homepage of Enterprise Insurance website

The collapse of the Gibraltar-based Enterprise Insurance has left 14,000 Irish motor customers in the lurch.

The company says it is insolvent and incapable of securing additional funding.  

As it sold cover here through brokers, many Irish motor policyholders have not been immediately notified.

The Central Bank, which was informed of the closure yesterday, has advised customers who bought insurance through the broker network to contact their broker for guidance.

It says it will work closely with financial regulators in Gibraltar to ensure those affected are identified and communicated with directly.

In a notice on its website, Enterprise advised existing policyholders that their cover remains in force.

“The current position does not terminate or cancel the contracts of insurance,” it said.

The notice added that the terms and conditions of individual customers’ policies will determine if they have the right to a refund.

The status of existing claims will only be considered following the appointment of a provisional liquidator, it said.

Claims

Customers with a new claim have been advised to direct enquiries to the claims number supplied in their policy documentation.

The Gibraltar Financial Services Commission (GFSC) says it is in the process of notifying the relevant compensation schemes in countries with affected policyholders, suggesting costs will be passed on to local funds.

The insurer has written business in France, Italy, Greece, Norway, Ireland and the UK as well as Ireland.

Concerned customers can contact the GFSC on 00 350 200 40284 or email enterprisepolicyholders@fsc.gi. Enterprise can also be contacted on 00 350 200 50150.