In our constantly updated Overcharging in Ireland feature on the Value Ireland website, we have updated the numbers now to take into account the money which Quinn Direct insurance had to repay to customers in December 2007.
Quinn Direct is refunding a total of €293,000 to 13,000 customers after the company incorrectly calculated refunds due to them when they canceled their insurance policies. Refunds are being made on 18,500 policies with an average of €15.77 plus compound interest. The refunds were incorrectly calculated on cancelled policies where there had been changes to the policies during the period of insurance. The refunds were paid between January 2001 and February 2006. Quinn Direct discovered the error during an internal review.
This now means that Irish businesses have admitted overcharging 1,524,973 Irish consumers to the tune of €564m since we’ve been keeping track in 2004. You’d have to wonder how much we don’t actually know about.