Thursday 8 December 2016

FBD set to report losses and again push up its premiums

Published 20/08/2015 | 02:30

Andrew Langford
Andrew Langford

Troubled insurer FBD is expected to continue to increase its motor and business insurance rates.

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This is likely to see farmers having to pay more for cover, as the company is traditionally the main insurer in the agriculture sector. Industry sources said the insurer had no choice but to hike its premiums.

The company is set to report that it made a loss when it announces financial results for the half year on Monday.

The insurer has been hit by the loss of its chief executive Andrew Langford (pictured), has made heavy losses on motor insurance, and is faced with having to raise €100m to meet regulatory rules.

FBD's market value has fallen by half in the past year. It has twice cut its earnings forecast and reported a worse-than-expected loss for 2014.

Last year it said it was no longer taking on new motor insurance business after making large losses in a competitive battle for new business.

Irish Independent

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