Insurance provider FBD signals motor costs hike after €85m loss

The country’s only indigenous insurer FBD has warned of further premium rises across its business this year after an “exceptionally difficult” 2015 saw it record an €85m pre-tax loss.

The insurer’s losses were largely due to prior year claims of €96m which were flagged in its half-yearly results last August.

Excluding exceptional items, FBD made a loss of €101.7m in 2015 with €96.4m of this recorded in the first half of the year and €5.3m in the second half of the financial year.