Companies

FBD: Inflation driving up insurance premiums despite government cost-cutting measures

FBD’s income from consumer premiums rose 9 per cent year-on-year in the first quarter

Kate Tobin, chief financial officer and Tomás Ó Midheach, chief executive during FBD Holdings AGM at Farm Centre, Dublin. Picture: Gareth Chaney

Cuts to personal injury insurance premiums stemming from government reforms have already taken affect, while inflation continues to drive cover prices higher, according to Tomás Ó Midheach, the chief executive of FBD Insurance.

Ó Midheach was speaking at the insurance firm’s AGM, where it announced a 9 per cent increase in its gross written premium (GWP) – the total amount collected from customer premiums – in the first quarter of this year, compared to the ...