Press Releases08 June 2021 Press Release Show  Update - 8 June 2021On 7 June 2021 the Danish Financial Services Authority (DFSA) published an update notice and FAQ document in relation to Gefion Insurance A/S (Gefion). The DFSA has notified the Central Bank of Ireland that Gefion has been declared bankrupt. Gefion do not have any active Irish policies. The Insurance Compensation Fund (‘ICF’) protects Irish consumers of authorised non-life insurance companies in Ireland or in other EU Member States that go into liquidation and are unable to pay insurance claims. These could be claims made by the policyholders or third parties. The maximum compensation amount paid by the ICF is 65% of the cost of the insurance claim or €825,000 – whichever is lower. However, in the case of third party motor insurance claims, where an insurer is in liquidation the ICF will make a payment of 100% of an award. Further information on the Insurance Compensation Fund is available here. Note: Gefion is subject to prudential supervision in Denmark by the DFSA. Gefion was primarily selling motor insurance in a number of European countries, including Ireland, on a freedom of services basis. Its financial position is not supervised by the Central Bank of Ireland and the Central Bank of Ireland has no role in that regard. Update - 14 July 2020On 14 July 2020, the Danish Financial Services Authority (DFSA) published an update notice and FAQ document in relation to Gefion Insurance A/S (Gefion). The DFSA has notified the Central Bank of Ireland that Gefion has entered into liquidation. Gefion remains in run-off and existing policies remain in force. Any policyholder who has concerns about their policy should refer to the FAQ document and/or contact their broker. Note: Gefion is subject to prudential supervision in Denmark by the DFSA. Gefion was primarily selling motor insurance in a number of European countries, including Ireland, on a freedom of services basis. Its financial position is not supervised by the Central Bank of Ireland and the Central Bank of Ireland has no role in that regard. Update - 29 June 2020On 29 June 2020, the Danish Financial Services Authority (DFSA) published an update notice and FAQ document in relation to Gefion Insurance A/S (Gefion). The DFSA has withdrawn Gefion’s licence as an insurance company. Gefion is now in run-off and existing policies remain in force. Any policyholder who has concerns about their policy should refer to the FAQ document and/or contact their broker. Update - 26 March 2020The DFSA has ordered Gefion Insurance A/S to cease writing new business, including the renewals of existing insurance policies. The DFSA have also published an FAQ document for Gefion customers. View both the order to cease writing new business and the FAQ. Update - 12 December 2019The DFSA has published an updated notice in relation to Gefion. Update - 26 September 2019The DFSA has published an updated notice in relation to Gefion. Statement - 12 July 2019Gefion Insurance A/S (Gefion) operates in Ireland on a freedom of services basis. Gefion is authorised by the Danish Financial Supervisory Authority (DFSA). The DFSA has published a notice in relation to Gefion. See Also:Press Release Archive The Financial Services Compensation Scheme (FSCS) declared that Gefion Insurance A/S (“Gefion”) failed today 7 June 2021. FSCS is working closely with the liquidator and the Danish Financial Services Authority to understand the impact of the insurance firm’s failure. Gefion sold a range of private motor insurance, taxi insurance, fleet insurance and courier insurance products in the UK through a network of managing general agents and insurance brokers. FSCS would urge anyone who is unclear about whether their insurance policy was backed by Gefion to contact the insurance broker who sold them their insurance policy immediately for confirmation. FSCS is stepping in to protect most of the motor insurance policies that Gefion sold to individuals and small businesses in the UK. Sarah Marin, Interim Chief Customer Officer at FSCS, said: “We are in the process of identifying how many UK customers are affected by the failure of Gefion Insurance. We are working closely with the liquidators to make sure that all eligible policyholders affected by the failure of Gefion are protected. “FSCS will protect the majority of UK-based customers of Gefion who are individuals or small businesses with an annual turnover of less than £1m. We want to reassure Gefion’s UK customers that their claims will continue to be considered against policy terms and that we will be stepping in to protect eligible customers in accordance with our rules for protection.” Policyholders should check the FSCS website for updates at www.fscs.org.uk/failed-firms/gefion/ Media enquiries Notes for editors |
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