When is a loss not a loss?

Quinn insurance explain their results

Wednesday, May 27, 2009

Quinn Insurance has come out fighting after making a £51m loss for 2008. I’ve said that Quinn Insurance have been unsustainably cheap and that can be a dangerous position. If you don’t have any profit you don’t have a viable business.

But Quinn still think everything is just fine but claiming that losing £51m “represents a very creditable performance against the backdrop of difficult economic conditions”. I’m just a small car, home and travel insurance broker from Glasgow, but losing £51m doesn’t ever sound like good news regardless of the economic climate. Making a loss is making a loss in my book.

Maybe 2009 will be better for them; in the meantime make sure your insurance company are part of the Financial Services Compensation Scheme. That scheme protects you if the insurer goes bust and all of the companies we deal with are part of it.

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