General Insurance Article - FSCS will pay motor policies after collapse of Enterprise


FSCS has started the process of paying return of premiums to policy holders who previously had insurance with Enterprise Insurance, the Gibraltar based insurance company. We expect to pay thousands of motor policies in the next few days.

 The firm was deemed insolvent by the Gibraltar Financial Services Commission (FSC) in July. Since then, the liquidator Freddie White of Grant Thornton has been reviewing the status of the company. This morning, Freddie White disclaimed the company’s motor insurance policies; he will go on to handle non-motor policies in the coming weeks.

 FSCS has been working closely with the liquidator and the FSC to determine the best way to protect UK policyholders. Now that the decision has been made to disclaim the motor insurance policies, FSCS can start paying return of premiums. This is an automatic process and consumers do not need to do anything to claim the compensation.

 The failure affects about 46,000 UK customers with Enterprise motor insurance policies.

 FSCS Chief Executive, Mark Neale says: “FSCS is now paying compensation to thousands of policyholders now that Enterprise motor policies are no longer valid. If you are not sure if you are eligible for compensation then speak to your insurance broker. Again, I would strongly urge you to check your insurance and if necessary find new cover immediately to avoid breaking the law and putting yourself and others at risk by not having a valid insurance policy.”
 FSCS cannot protect insurance claims that happen after the liquidator cancelled the policies today.

 More information about how FSCS will compensate consumers is available on the FSCS website. If you are unsure whether you were covered by Enterprise Insurance you should look at your policy documents and speak to your broker.
  

Back to Index


Similar News to this Story

IPT receipts triple in last decade
This morning’s HMRC Insurance Premium Tax bulletin reveals show that total IPT receipts for the last complete financial year 2024 to 2025 were £8.88 b
Insurance market capacity expands as systemic threats grow
Aon has released its Q2 2025 Global Insurance Market Insights report. The report outlines a rare and potentially short-lived moment in the global insu
Insurance market for hydrogen may reach over USD3bn by 2030
Hydrogen demand could increase fivefold by 2050, while clean production may rise to 60% by 2035, driven by significant investments and planned project

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.