Premium refunds made to customers of the European Risk Insurance Company hf. (ERIC)

6th January 2016

The Financial Services Compensation Scheme (FSCS) has issued premium refunds to more than 2,600 European Risk Insurance Company (ERIC) policyholders. FSCS is working with ERIC to determine the payment details of the remaining policyholders so payments can be issued.

FSCS calculates compensation at 90% of the unused premium and will pay this by cheque.

For further information please contact  or the FSCS Customer Services Team by email at

European Risk Insurance Company hf. (ERIC)

Information relating to the Winding up proceedings.

Important information regarding European Risk Insurance Company hf

As from the 5th of February 2014 ERIC ceased accepting new business, including requests for renewals and for extensions of cover.

The Financial Supervisory Authority in Iceland, Fjarmalaeftirlitid (“FME”), revoked ERIC’s operating licence on the 12th of February 2014 as the company no longer complies with the provisions of Act No. 56/2010 on insurance activity with regards to minimum solvency requirements and has surrendered its licence to operate as an insurance company, as provided in the first paragraph of Article 90 of the cited Act.

The FME has appointed a three person Resolution Board, according to Article 91 of the Act on Insurance Activities, which comprises the following persons:

  • David A. Einarsson, Chartered Accountant
  • Erla S. Arnadottir, Supreme Court Attorney
  • Pall Johannesson, District Court Attorney

For claims notifications or information please use this email address: 

For general enquiries please use this email address :

To contact the Resolution Board please use this email address: