Setanta payout ‘to take years’

Customers of the defunct Setanta Insurance could be forced to wait years for outstanding claims to be met as the insurer’s liquidation drags into its second year.

The Maltese-registered insurer operated in the Irish market before going bust in April of last year, leaving 75,000 Irish customers without cover. However, the liquidator can’t pay a cent in compensation to former policyholders until the company’s entire liabilities have been established.

Complicating matters for those awaiting compensation are more than 600 court cases, all of which will have to be resolved before a true assessment of liabilities can be determined. The liquidator, Paul Mercieca, said yesterday that this process could take years.