FBD says that Irish insurance market remains 'challenging'
Irish insurance firm FBD Holdings has said that the Irish insurance market “remains challenging” in 2015 and said that it estimates that its market share has remained static so far this year.
In a trading statement published covering the first quarter of 2015 and the period up to today the company said: “FBD's gross premium written to the end of the first quarter is marginally less than the comparable quarter in 2014 as firmer pricing substantially offset volume reductions.
“Trading conditions in the Irish insurance market remain challenging in 2015. Market rates continue to harden for both car insurance and business insurance, while home insurance rates remain weak with increased competition for new business given a benign winter and the absence of significant weather events.”
It added that it expects its share of the insurance market “is likely to have remained static in the year to date”.
The firm, which is set to hold its annual general meeting later today, said that no interim dividend will be declared in August and added that a decision on any final dividend will be made once the complete financial results for 2015 are known.
FBD added that for the remainder of the year it will “continue to restore profitability through risk selection improvements and rate increases where these are merited or required.”
The company recently announced a pre-tax loss of €4.5m for its 2014 financial year, compared with a pre-tax profit of €51.4m in 2013.