As expected there are reams of coverage in today’s Insurance Times about the plight of Quinn Insurance after the company was placed into administration yesterday. The magazine’s leader column quite rightly points out the victory for the ‘I told you so’ brigade, all of whom have spoken, largely off the record that something never smelt right about this upstart company.
An inevitable likeness to story of Independent Insurance is never far away, and having covered the demise of that company from FTSE darling to Belmarsh in the space of seven years, I wouldn’t wish a repeat of that situation again. The insurance industry is currently basking on a scandal-free beach while banks lap up all of the controversy, but it won’t take much to direct the gaze of the Daily Mail towards it if a single firm – and an Irish one at that – is found to have upset a single one of its readers, I mean how much ammunition does that paper need?
Hmmm… choices choices. The industry bodies like the ABI and BIBA will no doubt be huddled around the debating table deciding what to do. to me it feels as if there is a firing squad readying itself to march Quinn out for all to see in a very public execution, but I suggest they should stop and think if this is the right thing to do? A strategy that presents the insurance industry working collectively to protect Quinn’s policyholders and not just circling around the best bits of premium with a greedy eye would provide a vital stimulus to the ‘we’re not banks’ campaign.