Cyprus Mail

Olympic customers told to find new insurer by Friday

By Lizzy Ioannidou

Customers of Olympic Insurance, whose licence was suspended in May this year, have been informed that their contracts will be terminated on Friday August 17, leaving them with just days to get new insurance.

Liquidation of the company will begin on Friday after the appointment of a provisional liquidator who is responsible for the protection of the company’s interests until a liquidator is appointed by the court next month.

Customers must in the meantime secure alternative insurance but reimbursement of their funds from Olympic will not happen until after the official liquidator is appointed.

Olympic Insurance told customers only last Sunday that their insurance contracts would be terminated this Friday, when the provisional liquidator begins work.

The company informed customers of this development by text message and provided a contact number. However according to one Cyprus Mail reader affected by the liquidation, the number is unreachable.

Customers have been left worried about reimbursement and are unable to acquire necessary documents from Olympic Insurance, such as proofs of no-claims bonuses.

Cyprus Mail managed to reach Mazars Ltd on Tuesday, the company undertaking the provisional liquidation of Olympic Insurance until a liquidator is appointed by the court in September.

The provisional liquidator Pavlos Nakouzi said that “Olympic customers will be reimbursed, but not right away. When the court-appointed liquidator is in place, then customers can file a claim for the reimbursement of funds.”

Nakouzi added that “should any customer require insurance assistance until August 17, they should carry out the procedure set out by Olympic Insurance as normal.”

Until then, the Insurance Association of Cyprus has urged all affected customers to secure new insurance by the end of the week.

Olympic Insurance is being liquidated after being under a special regime of suspended licence since May due to insolvency issues.

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