FBD projects more insurance premium hikes

Consumers already hit with huge insurance increases in the past 12 months could be facing further premium hikes, according to one of the country’s most prominent insurers.

FBD, which earlier this year flagged premium increases of up to 12% as it posted losses of more than €96m, is predicting another market-wide price jump in the coming months.

In its interim management statement, the Irish-owned insurer said that the market has not increased rates sufficiently to compensate for the significant deterioration in the claims environment.