FBD wants legislation on claims costs

The chief executive of FBD has urged the Government to act on its own extensive report into the insurance industry and bring forward legislation that would help rein in the costs of claims.

Unveiling profits for the first time since the industry was enveloped by crisis, Fiona Muldoon nonetheless indicated there was no guarantee that the costs of injury claims wouldn’t continue to climb, in the absence of government action.

A repor, published last month and commissioned by Financial Services Minister Eoghan Murphy in response to the huge rise in insurance premiums, helped underpin arguments made by the industry about high awards for injuries. Ms Muldoon said the minister needed to prioritise what she said was the report’s “33 recommendations and 71 action points” and legislate to ensure that costs of claims were reduced.