Gefion Insurance, who are based in Denmark have been ordered by the Danish Financial Services Authority (DFSA) to stop taking on new policies from 26 March 2020. This means that they are now unable to sell policies to new customers or process the renewals of existing customers. However, anyone who has a Gefion backed insurance policy need not worry as Gefion do have sufficient funds in their accounts to be able to continue to serve their existing customers.
Gefion backed insurers are as follows:
- Bollingtons (Anjuna)
- Policy Plan
You’ll find the name of your insurer in your policy documents or your welcome pack.
The affects on Gefion backed insurers
Brightside have been monitoring this situation for many months and have taken some decisions to lessen the impact of any Gefion insolvency issues on our customers:
- We removed any Gefion backed insurers from our panel towards the end of 2019 meaning that no new business customers were offered an insurance policy from this insurance group.
- We removed Gefion backed insurers from our renewals panel.
The good news is that all our customers who have policies with the above insurers do not need to do anything as a result of this. Existing policies are unaffected including the claims process, should you need to claim.
However, we can’t predict the future, so to help protect customers from any further insolvency issues Gefion may experience you will find that our advisers will offer you the opportunity to get a quote from an alternative insurer if you need to make a mid-term adjustment like a change of address, name or vehicle.
Please bear in mind that if you amend your policy and use a different insurer then you would be in essence setting you up a brand new policy which would provide cover for one year. This would also mean that you would incur any relevant cancellation and administration fees.
We’re monitoring the situation on an on-going basis and will of course keep our customers fully informed if anything changes.