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Clarity needed on Setanta Insurance situation – Matt Carthy

28 April, 2014 - by Matt Carthy MEP


Sinn Féin’s Matt Carthy has called on the Minister for Finance to give clarity around the situation pertaining to Setanta Insurance whereby some 75,000 policyholders, including many small business owners and van drivers, are at risk of driving without insurance.

Speaking in Laois today the Midlands Northwest candidate said:

“The collapse of Setanta Insurance has brought with it a number of issues which need urgent clarification.

“A large number of people only recently bought insurance with Setanta through local brokers. These people are now left in a situation where they are being told they need to seek urgent alternative insurance. Consequently some 75,000 policyholders, including many small business owners and van drivers, are at risk of driving without insurance.

“Many of Setanta’s policy holders are small business owners and van drivers who are already under serious pressure to keep their business afloat. Additional insurance costs will only increase the pressure that they are under.

“I welcome the proposed investigation into the collapse of the company to be carried out by the EU commission; however policyholders need answers on this today.

“We need clarity on this situation urgently. My colleague Pearse Doherty TD has asked a number of questions of the Minister for Finance, namely around how he intends to ensure a smooth transition for Setanta customers, but also around the need for a review of the regulatory environment to ensure another insurance company does not collapse as happened with Setanta leaving 75,000 policy holders without a policy.

“I await Minister Noonan’s answers to these questions with interest.”

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