29th Apr 2016 08:18
LONDON (Alliance News) - FBD Holdings PLC said Friday its low-risk investment allocation had "largely shielded" it from the volatility experienced in its markets since the start of the year, and noted it was on track for recovery.
The insurer said Chairman Michael Berkery will make a statement at its annual general meeting on Friday saying the continuing hardening of insurance rates "remains essential, as we believe the industry as a whole continues to be loss making. FBD is focused on maintaining underwriting discipline and prioritising a return to profitability."
In the statement, Berkery said the company's weather-loss experience since the start of the year "has not been severe" and said, while the injury claims environment remains uncertain, FBD "welcomes the increased attention and debate this is receiving at a national level".
"We continue to seek structural reforms to tackle the injury claims inflation prevalent in Ireland. These should address the impact court awards are having on the affordability of insurance for farmers, businesses and other consumers," Berkery said.
The chairman said FBD has an ambition to show "a combined ratio of less than 100% in quarter four of 2016". A combined ratio below 100% means profitable underwriting.
Shares in FBD were untraded on Friday at EUR6.55.
By Hannah Boland; [email protected]; @Hannaheboland
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