FBD boss hits back at premium costs criticism

The boss of insurance firm FBD has hit back at criticism by the Law Society president that blame for the Setanta Insurance fallout and high premiums lay squarely at foot of the insurance industry, saying it was meritless and ‘without fact’.

Fiona Muldoon was speaking as FBD, which has evolved from being a farm insurer to the biggest domestic insurer, said it had posted a profit before tax of €11.9m in the first half of the year, in contrast to the €5.3m loss it had made in the corresponding period last year.

FBD said it had a combined operating ratio (COR) of 93% including a one-time €5.6m Motor Insurers’ Bureau of Ireland (MIBI) provision release following the Supreme Court judgement of Setanta.