Thousands of London taxi and minicab drivers received a text message telling them their insurance had been cancelled, BBC News reported on May 9.
Danish firm Alpha Insurance, which insured drivers through brands such as Cover My Cab and Protector, declared bankruptcy on May 8.
Up to 700 taxi drivers and 10,000 minicab drivers are affected, the Licensed Taxi Drivers Association reportedly said.
Earlier in March, Alpha was placed into solvent liquidation by the Danish regulator and instructed to cease writing new business with immediate effect.
Alpha is an insurance firm authorised and regulated by the Danish Financial Supervisory Authority and operating in the UK on a freedom of services basis.
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