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Paul Finigan
By
July 11, 2019

Revealed: most UK van brokers exposed to unrated insurer Gefion

van index article

Unrated insurer Gefion has featured prominently in the insurance news this week. The Danish carrier has today been ordered by its regulator not to expand its business beyond 2018 levels and was earlier forced to restate its solvency ratio. Also, Premium Credit has said it would no longer finance policies where Gefion is the underlying carrier 

 

Gefion is particularly relied upon by commercial taxi drivers and has minimal presence in the standard motor and home market.

 

But analysis by Consumer Intelligence reveals that it also features prominently in the van insurance market through the capacity it provides to three key managing general agents (MGAs).

 

Using our Marketview output, which tracks the prices offered to real drivers in a nationally representative set of risks, we can see that Gefion provided at least one quote for 35% of new van insurance risks in June.

 

And a quote backed by Gefion appeared in the top 5 quotes for around 17% of the risks in June.

 

The research shows that 16 intermediary brands out of 29 that operate in the van market gave a quote supported by Gefion on their panel last month.

 

Gefion will be joined by most of the market in hoping that discussions with the regulator (it disputes its calculations) and its recapitalisation strategy will see its solvency ratio restored to 135% and all premium finance providers willing to lend.

 

The insurer has established a firm foothold in the van market. Savvy brands will be watching closely and quickly adapting to price movements in the market as the situation unfolds.

 


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