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Premiums could fall

CONSUMERS could be in line for cheaper insurance premiums because fewer people are making motor and property claims.

Ireland's second largest insurer behind Aviva, FBD, said fewer people could afford to own and operate cars which would result in less motor insurance claims.

The company outlined that it would not increase premiums this year and may even cut premiums next year. The company reported pre-tax profits of €20.5m for the first half of this year, following a loss of €7.9m in the same period last year.

FBD Holdings said the average cost of property insurance claims fell, as did claims after severe weather. The impact of severe weather was just €2.5m this year compared with €12m a year earlier.