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Insurance company bankrupt
casa7
Posts: 1 Newbie
Sorry if this is in the wrong place. I am new to this site
I have taken out payment income insurance back in May 2017. I still have it to this day
I have never claimed.
The insurance was taken out with Trent services.
On May 21st 2018 I received a letter from Trent services notifying me that my insurer underwriter
Alpha insurance A/S a Danish company has been declared bankrupt.
They tell me this is a very unusual occurrence and they have replaced the underwriter with a new company called Qudos insurance A/S, Kobmagergade 22, 1,1150 Copenhagen, Denmark.
Then today I receive another letter, Stating that Qudos insurance A/S a Danish company has been declared bankrupt. They have now replaced that insurance underwriter to Evolution insurance Company limited.
So I am now thinking, What the hell is going on. If my policy covers me for 1 years income and these companies are going bust. Then I am not going to have the cover which I am paying for.
Or is this a type of scam where insurance companies take your money and go bust every now and then leaving you without cover.
Does anyone know what an insurance underwriter even is?
Do you think I am best to cancel this insurance. After receiving both those letters It is not filling me with much confidence.
What is your thoughts on this?
I have taken out payment income insurance back in May 2017. I still have it to this day
I have never claimed.
The insurance was taken out with Trent services.
On May 21st 2018 I received a letter from Trent services notifying me that my insurer underwriter
Alpha insurance A/S a Danish company has been declared bankrupt.
They tell me this is a very unusual occurrence and they have replaced the underwriter with a new company called Qudos insurance A/S, Kobmagergade 22, 1,1150 Copenhagen, Denmark.
Then today I receive another letter, Stating that Qudos insurance A/S a Danish company has been declared bankrupt. They have now replaced that insurance underwriter to Evolution insurance Company limited.
So I am now thinking, What the hell is going on. If my policy covers me for 1 years income and these companies are going bust. Then I am not going to have the cover which I am paying for.
Or is this a type of scam where insurance companies take your money and go bust every now and then leaving you without cover.
Does anyone know what an insurance underwriter even is?
Do you think I am best to cancel this insurance. After receiving both those letters It is not filling me with much confidence.
What is your thoughts on this?
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Comments
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The main thing is to check that the companies you are dealing with are regulated by the UK authorities, or european equivalents and that you are covered by the FSCS.
It's not that unusual for an underwriter to go bankrupt at the cheaper end of the market.
If you want a more reputable firm, try Legal and General.
An underwriter is the company that works out how much to charge you for the insurance, they don't deal with customers though.
Sometimes the company you buy insurance from will deal with one underwriter, like Direct Line, or they will deal with many underwriters and swap policies between them.Changing the world, one sarcastic comment at a time.0 -
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