Livelihoods at risk as insurer folds

The pressure on small business people to come up with money to insure their vans after the collapse of Setanta Insurance in Malta has reduced men to tears.

Managing director of www.insuremyvan.ie Jonathan Hehir said that a painter decorator was crying in the business reception as he was struggling to come up with the money to insure his van. The customer had received some money following the death of a family member and had put it into setting up a decorating business. He was now forced to go begging to friends and family to try and scrape enough money together to insure the van on which his business depends.

Mr Hehir said the liquidation of Setanta insurance on Thursday had caused devastation. “It is unprecedented. I’ve never seen anything like it. We have seen the collapse of insurance providers before with Quinn insurance. When that happened the Central Bank came out and said that people now had better cover than before, but this time they are saying people have nothing.”