FBD could cut premia on foot of results

FBD Holdings’ car insurance underwriting losses have fallen 54% prompting company chairman Michael Berkery to predict a cut in rates in the medium to short term.

Addressing the company’s AGM yesterday Mr Berkery said the introduction of the penalty points system for errant drivers is working.

“FBD has seen a reduction in the incidence of claims. This is reflected in our motor results for 2002, where underwriting losses reduced from €22.3m to €10.2m.