French Regulators Halted Insurer Wakam New Business
The suspension of new and renewal policies disrupts brokers and drivers relying on the RideSure insurance scheme.
Updated on Oct. 6, 2026 in Financial Services
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French authorities ordered insurer Wakam to immediately cease writing new contracts and renewals due to concerns over its capital reserves. The restriction impacts brokers like NFP Ireland that utilize the firm for specialized coverage like the RideSure taxi and delivery driver program.
Why it matters
Operators relying on specialized underwriting face immediate coverage gaps and forced carrier transitions as the regulator examines Wakam's financial stability. The firm previously reported 834 million euros in gross written premiums, underscoring the potential scale of disruption for its partners across 30 global markets.
Wakam, which generated 834 million euros in gross written premiums last year, must now halt all new business and renewals across its 30 global markets. The insurer is currently prohibited from growth while it works to resolve capital reserve concerns.
The players
Wakam
A European insurance carrier operating in over 30 markets that provides underwriting services for specialized broker programs.
NFP Ireland
A financial services brokerage that manages the RideSure insurance scheme for taxi and food delivery drivers.
French Prudential Supervision and Resolution Authority
The French administrative body responsible for the supervision of banking and insurance sectors and enforcing capital adequacy rules.
The details
The French Prudential Supervision and Resolution Authority initiated adversarial proceedings, citing insufficient capital buffers. While Wakam is permitted to manage existing contracts and settle claims, the inability to issue renewals creates a service bottleneck for downstream partners like NFP Ireland. The firm is currently executing a remediation plan to strengthen its capital base as it faces the risk of complete authorization withdrawal.
Timeline
Last year: Zego stopped taking new business in Ireland.
February 2026: NFP Ireland secured Wakam for the RideSure scheme.
Last week: Wakam announced the temporary underwriting ban.
Coming weeks: Policy renewals for affected NFP drivers are due.
Market Landscape
The suspension of Wakam highlights a tightening of underwriting capacity for gig-driver schemes, mirroring the instability that saw Zego exit the Irish market last year. This development marks a significant escalation in regulatory scrutiny regarding the capital adequacy of niche insurers.
Brokers and business owners relying on Wakam should immediately secure alternative coverage quotes, as renewal capabilities are currently frozen. Operators must monitor their insurance provider's capital filings for signs of similar regulatory stress to avoid sudden service disruptions.
The takeaway
The sudden loss of underwriting capacity demonstrates the operational risk inherent in relying on niche or non-traditional insurance carriers. Review your policy renewal dates and ensure your broker has a contingency plan in place should your primary carrier face regulatory intervention.
Further reading
For more on industry shifts, visit our Financial Services section.
Source note: This article includes information reported by The Irish Times.
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