Alpha Insurance A/S declared bankrupt

 

What do customers of Alpha Insurance A/S need to do?

Alpha Insurance A/S, a Danish insurance company has been declared bankrupt, the Danish Financial Supervisory Authority (Danish FSA) announced on 8th May 2018.

UK customers may need to find alternative insurance cover with immediate effect. Contact your insurance broker or the firm who sold your policy to seek new cover immediately.

 

How is FSCS helping Alpha Insurance A/S UK customers?

We expect most UK customers who held policies with Alpha Insurance A/S would be covered under the Financial Services Compensation Scheme (FSCS) if they had an insurance claim or if they are entitled to a return of part of the premium that they paid for their policy.

FSCS is working closely with the Danish Insurance Guarantee Fund to agree how claims can be processed quickly. Our priority is to get UK customers with claims that are protected by FSCS back on track as quickly as possible.

We will continue to update this page with the latest developments.

 

Which UK customers are affected by Alpha Insurance A/S bankruptcy?

The Licensed Taxi Drivers Association announced that up to 700 taxi drivers and 10,000 mini cab drivers in the UK are affected.

Customers should check with their insurance provider if they think they may be at risk.

 

What insurance cover did Alpha Insurance A/S provide in the UK?

FSCS is aware that Alpha Insurance appear to have provided a range of insurances to the UK retail and commercial market, such as professional indemnity, motor and gap insurance, and home insurance. We are investigating the status of that insurance and whether and to what extent Alpha Insurance policyholders are protected by the Danish Fund and/or FSCS. We will provide a further update shortly.

 

What can brokers for Alpha Insurance A/S do?

Brokers affected by the Alpha Insurance A/S bankruptcy should contact FSCS. 

 

What should non-UK policy holders of Alpha Insurance A/S do?

Residents of other countries outside the UK would need to contact their local Guarantee Funds or Compensation Schemes.

Danish residents can visit the Danish Guarantee Fund for non-life insurance for the latest information.

Find out more about what is covered by the Danish FSA.

 

How does FSCS insurance protection work?

FSCS can compensate for claims against 'European Economic Area' insurers that are authorised in the UK,  but only for UK business. Find out more about our insurance compensation claim eligibility rules.

 

What other products does FSCS protect?

FSCS protects a range of financial products including, deposits (current & savings accounts), investments, pensions, endowments, PPI, debt management and home finance. Find out more about the products FSCS covers.


Jargon Buster

  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.