Wednesday 13 November 2019

FBD ventures into travel market as foreign trips rise

 

Olympic medallists Paul and Gary O’Donovan and FBD Group CEO Fiona Muldoon pictured at the launch of the new product. Photo: Julien Behal
Olympic medallists Paul and Gary O’Donovan and FBD Group CEO Fiona Muldoon pictured at the launch of the new product. Photo: Julien Behal

Samantha McCaughren and Gavin McLoughlin

Insurer FBD is entering the travel insurance market, the Sunday Independent can reveal. The strategic move is being made on the back of Central Statistics Office figures showing increases in the number of foreign trips being taken by Irish people.

Cover on offer will include annual multi-trip policies, as well as single trip, family and backpaper policies.

The move expands the company's consumer range which includes home, car, life and mortgage protection products.

Chief executive Fiona Muldoon said the company hopes to win new customers as well as seeing existing customers taking the product up. The company will publish its half yearly report on Friday.

The company is offering an introductory 30pc online discount for annual multi-trip and single trip policies to try and entice customers aboard.

Now-departed FBD chairman Michael Berkery told shareholders at the company's agm in May that the company was making progress in improving profitability. "We have maintained excellent levels of retention of key customer groups through our strong customer relationships and the level of service we provide," he said, before warning that the injury claims environment was uncertain.

The company swung to a pre-tax profit of €11m in 2016, after losing almost €86m before tax (excluding discontinued items) in 2015.

Sunday Indo Business

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