A number of claims from accidents involving uninsured drivers weighed on the annual results of FBD, the company said today.
The insurer reported operating profit of €30.2 million in 2001, an annual increase of 8.3 per cent. Revenue from written premiums increased by 21 per cent to €248 million.
However, FBD holdings chief executive Mr Paul O’Callaghan said premium revenue would have been significantly better were it not for a number of huge claims cost in respect to uninsured motorists.
The cost of the Motor Insurers’ Bureau of Ireland (MIBI), which provides funds from the insurance industry to cover claims from accidents involving uninsured drivers, increased to €22.3 million in 2001. The MIBI charge for the year equated to €112 per car policy holder.
FBD also reported considerable escalation of employer and public liability claims.
The group’s general insurance and life assurance business performed well, with the financial-service arm contributing €2.5 million to group profits.
