The Irish government has been warned over 500 firms could go bust as a direct response of Independent Insurance's collapse.
The Small Firms Association (SFA) has warned Noel Tracy, the junior minister, that the number of companies affected could top 500, while the Irish Hotels' Federation (IHF) has identified 24 companies in its sector that could be hurt by it.
The Policyholders' Protection Board (PPB) has so far received 141 claims from Independent's policyholders.
A PPB spokesman told Insurance Times that the total amount paid out in compensation from these claims was £1,187,216.
