Farmers to benefit most from FBD €30m ‘loyalty bonus’
A breakdown of how the bonus rebates on insurance will be applied will be awaited with interest.
It is directly in line with a suggestion which I made here more than a year ago, that more profitable days for the insurance company should be reflected in a return to those who had made it all possible. The pioneering investors in this company in the 1960s were almost entirely farmers, many of whom loyally continued to insure with the company.
There is an improved climate for the insurance business, and FBD’s profits, soaring to more than €2m per week, are a credit to those who steer and manage the company, under the current chairmanship of IFA Chief Executive, Michael Berkery.
As farmers have served the company, so too has the company delivered to farmers. They have shown an understanding for farming, a common sense approach to the special risks in various sectors of the business, and a willingness to meet the needs of the industry.
FBD insurance cover has not always been the cheapest available, but they seem to have adopted a very reasonable and understanding policy to claimants.
However, the company’s claim of reductions of 15 to 38% in premiums over the last 12 months comes as a surprise to many farmers whose premiums increased. Perhaps they will get better news when the loyalty bonus is reflected in their next bills.
