In the region of 50,000 Irish insurance holders may be forced to look elsewhere for a new premium following the collapse of Danish insurer Qudos.
The company who holds the policies of 50,000 Irish customers has confirmed that they have gone into liquidation.
It is understood the company who mostly sold car insurance premiums here went into liquidation on November 27th.
Although the company say all policies are still valid, they have warned that they will not be paying for any claims made in the future.
The statement by the company which is under investigation in Denmark, has prompted the Irish Central Bank to advise Irish policy holders to look elsewhere for insurance cover.