Update - Gefion Insurance A/S

Update - 8 June 2021

On 7 June 2021 the Danish Financial Services Authority (DFSA) published an update notice and FAQ document in relation to Gefion Insurance A/S (Gefion).

The DFSA has notified the Central Bank of Ireland that Gefion has been declared bankrupt.   

Gefion do not have any active Irish policies.

The Insurance Compensation Fund (‘ICF’) protects Irish consumers of authorised non-life insurance companies in Ireland or in other EU Member States that go into liquidation and are unable to pay insurance claims. These could be claims made by the policyholders or third parties. The maximum compensation amount paid by the ICF is 65% of the cost of the insurance claim or €825,000 – whichever is lower. However, in the case of third party motor insurance claims, where an insurer is in liquidation the ICF will make a payment of 100% of an award.          

Further information on the Insurance Compensation Fund is available here.

Note: Gefion is subject to prudential supervision in Denmark by the DFSA. Gefion was primarily selling motor insurance in a number of European countries, including Ireland, on a freedom of services basis. Its financial position is not supervised by the Central Bank of Ireland and the Central Bank of Ireland has no role in that regard.

Update - 14 July 2020

On 14 July 2020, the Danish Financial Services Authority (DFSA) published an update notice and FAQ document in relation to Gefion Insurance A/S (Gefion).

The DFSA has notified the Central Bank of Ireland that Gefion has entered into liquidation. 

Gefion remains in run-off and existing policies remain in force. Any policyholder who has concerns about their policy should refer to the FAQ document and/or contact their broker.

Note: Gefion is subject to prudential supervision in Denmark by the DFSA. Gefion was primarily selling motor insurance in a number of European countries, including Ireland, on a freedom of services basis. Its financial position is not supervised by the Central Bank of Ireland and the Central Bank of Ireland has no role in that regard.

Update - 29 June 2020

On 29 June 2020, the Danish Financial Services Authority (DFSA) published an update notice and FAQ document in relation to Gefion Insurance A/S (Gefion).

The DFSA has withdrawn Gefion’s licence as an insurance company.

Gefion is now in run-off and existing policies remain in force. Any policyholder who has concerns about their policy should refer to the FAQ document and/or contact their broker.

Update - 26 March 2020

The DFSA has ordered Gefion Insurance A/S to cease writing new business, including the renewals of existing insurance policies.

The DFSA have also published an FAQ document for Gefion customers. View both the order to cease writing new business and the FAQ.

Update - 12 December 2019

The DFSA has published an updated notice in relation to Gefion.

Update - 26 September 2019

The DFSA has published an updated notice in relation to Gefion.

Statement - 12 July 2019

Gefion Insurance A/S (Gefion) operates in Ireland on a freedom of services basis. Gefion is authorised by the Danish Financial Supervisory Authority (DFSA).

The DFSA has published a notice in relation to Gefion.