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FBD to scale back car insurance business after losses

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Premiums across the board have shot up by 16pc in the past year

Premiums across the board have shot up by 16pc in the past year

Premiums across the board have shot up by 16pc in the past year

Insurer FBD Holdings is to cut back its motor business after posting a "disappointing" loss in 2014.

Chief executive Andrew Langford said the company would focus on its existing motor business rather than seeking new customers.

Mr Langford predicted FBD’s motor premiums would rise by 7pc or 8pc on average in 2015, reflecting an increase in claims fuelled by the economic recovery, according to the Irish Times.

He said scaling back the motor business would probably lead to only a small decline in FBD's market share.

Shares in FBD have lost over 40pc in the last year and the company posted a pre-tax loss as the company struggled with bigger customer pay outs and the fall-out from historically severe weather at the start of 2014.

Mr Langford said he hadn't considered resigning.

Online Editors


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