Thursday 8 December 2016

Exit of FBD's Andrew Langford shows how insurers are still being buffeted by storms

Published 06/08/2015 | 02:30

A wave pounds Lahinch in Co Clare during the 2014 storms. Photo: PA
A wave pounds Lahinch in Co Clare during the 2014 storms. Photo: PA

Irish banks have been in the intensive care ward for seven years now. With so much focus on getting the banks fixed, relatively little attention has been paid to the enormous storm that has hit the insurance sector.

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FBD lost its chief executive last week. RSA fired its chief executive Philip Smith over an accounting issue, only to lose his employment appeals action. He was awarded over €1m.

Insurers have been shedding jobs and hiking up prices as collectively they have been losing money from underwriting insurance.

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