FBD Holdings said today that its average motor insurance premium is 9% lower than the same time in 2021 and the company is seeing strong retention of existing customers.
In a trading update ahead of its AGM today, FBD said the underwriting performance of its business for 2022 to date has been in line with expectations
FBD’s chief executive Tomás Ó Midheach said that while inflation continues to be experienced in property and motor damage claims, the injury claims experience has been “benign” and there were no significant weather events.
Mr Ó Midheach said FBD’s written policy count has increased by 2% with average premium decreasing by 1%.
The CEO said the provision the company is holding for Covid-19 business interruption claims relating to its pub policies remains at €44m net of reinsurance.
“Following the quantum hearing judgement in January we are engaging with the plaintiffs on the steps needed to bring final clarity for all concerned,” FBD’s chief executive said.
He said the company continues to monitor the implementation of the Personal Injuries Guidelines and have reflected the impact seen to date in the prices charged to customers.
“Overall, we remain confident in the underlying profitability, future growth prospects, capital strength of the business and in our ability to continue to provide excellent service to our customers,” he made in the statement for today’s AGM.