FBD expected to welcome the increased attention and action the injury claims environment is receiving
The out-going chairman of FBD, Michael Berkery, is expected to welcome the increased attention and action the injury claims environment is receiving from the Irish Government when he addresses FBD’s shareholders for the last time today.
The insurance company believes that continued policy action is required to improve the claims environment in Ireland, and it is understood that Berkery will note the progress made to-date on the recommendations from the Cost of Insurance Working Group.
It is also understood that Berkery will note that FBD continues to make progress in improving profitability and that, to-date in 2017, it has been helped by strong underwriting actions and favourable weather conditions.
Berkery, who was elected chairman of FBD in 1996, is expected to highlight the company’s success at customer retention through its customer relationships and level of service.
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In a brief update prior to its AGM, the company has reported that it continues to make progress in improving profitability, helped by strong underwriting actions and favourable weather year-to-date.
In relation to pricing, FBD notes that hardening of insurance rates has continued into 2017, though at a more moderate rate.
The latest CSO data on personal lines rates showed year-on-year growth in motor insurance was 0.7pc in March, versus the June 2016 peak of 38.6pc, while home insurance growth in March was 8pc in comparion to the July 2016 peak of 11.6pc.