FBD auto insurance premiums drop 9% this year
FBD Holdings today said its average auto insurance premium was 9% lower than the same period in 2021 and the company is seeing strong retention from existing customers.
In a business update ahead of its general meeting today, FBD said its 2022 business underwriting performance to date was in line with expectations.
FBD managing director Tomás Ó Midheach said while inflation continues to be felt in property and auto damage claims, the personal injury claims experience has been “mild” and there is no had significant weather events.
Mr Ó Midheach said the number of policies written by FBD increased by 2%, with the average premium decreasing by 1%.
The CEO said the provision the company holds for Covid-19 business interruption claims related to its ad policies remains at 44 million euros net of reinsurance.
“Following the Quantum Hearing judgment in January, we are engaging with plaintiffs on the steps necessary to bring final clarity to all concerned,” said FBD’s chief executive.
He said the company continues to monitor the implementation of personal injury guidelines and has reflected the impact seen to date in the prices charged to customers.
“Overall, we remain confident in the underlying profitability, future growth prospects, the capital strength of the business and in our ability to continue to provide excellent service to our customers.” he stated in today’s AGM communiqué.