Gable had 60,000 UK policyholders when it collapsed

money-stacks

More than 60,000 UK policyholders had business with Gable at the time of its collapse, and the UK guarantee scheme has to date paid almost £27m in compensation.

According to an interim report by the Gable liquidator, the UK comprised the largest market for the Liechtenstein-based insurer.

The report found that 130,000 policyholders across 11 European countries were affected by the collapse of Gable, and its downfall led to a string of insolvencies from intermediaries.

The Financial Services Compensation Scheme in the UK, paid out last year £16.5m in claims from Gable policies, and refunded premiums worth £10.2m.

The liquidator, Batliner Wagner Batliner, reported that dealing with claims from the company had proven “very complex and time-consuming”.

The report added: “The bankrupt company worked in eleven countries with approximately 30 insurance intermediaries who sold approximately 50 different products and who, in turn, in terms of the sale and claims processing activities, made use of a network of dozens of sub brokers and claims processors.

“When bankruptcy was opened, a total of around 130,000 policies were in force. In some jurisdictions, the guarantee schemes played an essential role in the liquidation process.

“In other jurisdictions, the sales partners did not cooperate, and in yet other jurisdictions, the sales partners were also put into liquidation.”

The company said the majority of Gable policies in the UK were “mainly motor vehicle liability insurance, business insurance for persons engaged in a trade or business (liability, interruption of business, buildings, legal costs, etc.), accident insurance, building insurance and litigation costs financing”.

In October, a court ruled that affected parties would have an additional year to register claims.

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