Quinn Insurance Were Forced To Put Up Prices By 300Pc On Some Uk Insurance Products

[interestrateripoff]

http://www.independent.ie/business/irish/quinn-prices-upped-300pc-to-halt-losses-2632798.html

The administrators to Quinn Insurance were forced to put up prices by 300pc on some UK insurance products to halt catastrophic losses when they took over the business last year, it was revealed yesterday.

Average price increases of 40pc were needed to bring the British business under control, the administrators, Grant Thornton, revealed as the true scale of the company's troubles were laid bare for the first time.

The company lost €706m overall in 2009, the largest loss ever reported by a domestically owned insurer. This was followed by a loss of €160m last year and the business will only break even this year in a "challenging market'', the administrators said at a press conference in Cavan.

Last night the Quinn family once again blamed the scale of the problems on the administrators. A statement from the family said an inquiry was needed to see how the business deteriorated so badly after March 2010 when the administrators moved in.

What do they insure? Never heard of them, where they dead cheap compared to their rivals?

[ken_ichikawa]

What do they insure? Never heard of them, where they dead cheap compared to their rivals?

They insure motorbikes and cars I used them a couple years ago, over time they've moved to unreliable insurer they are often some of the cheapest insurers and I was surprised about 10 years back when they gave me a £312 quote when I had just passed my motorbike test. About £2 more than AXA. I.e. simply they took on high risk groups for much lower than others.

Edited April 29, 2011 by ken_ichikawa

[Sour Mash]

Obviously taking a leaf out of AIG's book.

What a pity the mainstream media don't fill people in on the wretched story of that colossal flop and its role in the wider crash.

[Olebrum]

Parasite in trouble, needs more blood from host.

[profitofdoom]

Quinn Direct tried to corner the market in Motor Insurance,specifically by going in mega cheap on young driver/bad risk business.The theory was that once they had these drivers they would gain on renewals.They drove virtually everyone else out of the bad risk business but miscalculated severely.This sector generates massive third party claims due to the antics of chavs wrapping blinged up Corsas round trees on saturday nights and leaving their passengers in wheelchairs for life.

[The XYY Man]

Quinn Direct tried to corner the market in Motor Insurance,specifically by going in mega cheap on young driver/bad risk business.The theory was that once they had these drivers they would gain on renewals.They drove virtually everyone else out of the bad risk business but miscalculated severely.This sector generates massive third party claims due to the antics of chavs wrapping blinged up Corsas round trees on saturday nights and leaving their passengers in wheelchairs for life.

Easy problems to fix with a bit of "thinking outside the box"

Maybe with a bit of creative marketing, they could diversify and create a whole new market for wheelchair and mobility scooter insurance.

And othey could try and attract the more careful chavs in Corsas with a competeitive no-maim bonus...

Simples....

XYY

[benn]

http://www.independe...es-2632798.html

What do they insure? Never heard of them, where they dead cheap compared to their rivals?

They were big into construction insurance right from 1-man bands to large nationals. Everyone in the industry said it was a matter of when, not if, given the ridiculously low premiums they charged. Many insurers wouldn't attempt to compete and said we'll wait for the policyholder to find out what they had bought the hard way - many did.