Those who demonstrated on the streets of Dublin today in support of opening up the market for Quinn Insurance in Northern Ireland and the UK remind us of the absolute urgency of the current situation and the need to allow Quinn Insurance to resume trading in all markets. Quinn Insurance is hemorrhaging €1 million per day and there is now an immediate threat to a significant number of jobs. This was stated by Marian Harkin MEP following the rally in Dublin today.
"I believe that the Regulator acted too hastily in closing down the UK market. Over the last three weeks the Administrators have produced a revised business plan for the re-opening of the UK market and a group of actuaries and economists are scrutinising this plan. This should have been done before the Regulator moved to close the UK market, not after. Decisions taken should have been on detailed plans only. The closing down of this market - which returned profits in the last quarter of 2009 and the 1st quarter of 2010 has severely damaged the prospects of Quinn Insurance in returning to profitability in the near future and may well prove catastrophic for workers in Quinn Insurance.
The Regulator states that his primary responsibility is to the policy holders in Quinn Insurance. However, his hasty action in closing down the UK market has hugely damaged the profitability of Quinn Insurance, has not benefited policy holders, has put significant numbers of jobs at risk and has left a number of companies in the position that they cannot access insurance cover - particularly in Northern Ireland because of exorbitant quotes and indeed refusal to cover by some insurance companies. I am calling on the Regulator - to re-open as much of the UK market as possible and re-open the full range of services in the Northern Ireland market. The Northern Ireland market is an established insurance market since 1996 and is in a different position to mainland UK. This needs to be recognised by the Regulator - its madness that Quinn Insurance can sell policies in Emyvale, County Monaghan and cannot sell a similar policy a few kilometres up the road in Aughnacloy, County Tyrone." Marian Harkin concluded
