Robust results for FBD, despite claims for storm damage

Pre-tax profit at insurance company FBD tumbled by almost 83% in the first half of the year as winter storms took their toll on the insurer’s business.

Adverse weather conditions, including Storm Darwin which battered the country in February, cost FBD €44m, arising from 9,000 claims. Similarly, storms last December resulted in 1,800 claims which cost €6.3m.

The recovery of the car sales market also resulted in more claims and hampered the company’s short-term profitability as a “time-lag” between the introduction of increased premiums and their effects persists.