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FBD’s average premium rose 5.8% last year

Insurer FBD says that the average cost of premiums last year rose by 5.8% compared with a year earlier, partly because of inflation. 

The firm also said that customers increased their levels of insurance cover during the year. 

Premiums for private motor insurance rose by 5.5%, with FBD blaming the increasing costs and frequency of motor-damage claims.

It added, however, that it saw signs that costs were “beginning to stabilise” in the second half of 2024. 

Premiums for home insurance and farm insurance increased by 10.3% and 8.1%, respectively, which FBD attributed to increases in property sums insured as rebuild costs continued to rise. 

Storm Éoywn 

The figures came in FBD’s annual results, which showed a pre-tax profit of €77 million – down from €81.4 million in 2023. Gross written premium increased by 13% to €460 million. 

FBD chief executive Tomás Ó Midheach said that the insurer “fully understands” the impact of Storm Éoywn had had on many of its customers. 

“We are wholly committed to supporting those who rely on us at a time like this. Our priority is to ensure that claims are processed quickly and fairly,” he stated. 

Injury trends ‘positive’ 

A breakdown showed that the number of property claims increased by 23% last year, with Storm Isha in January and Storm Darragh in December contributing significantly to this. 

The average cost of property claims increased by 20%. 

Injury average settlement costs were in line with 2023, according to FBD, but were 7% lower than in 2020, signalling a “generally positive trend” since the introduction of the Personal Injury Guidelines in 2021. 

FBD noted the recent review of the guidelines by the Judicial Council, which recommended an overall increase of 16.7% in damages awarded for personal injuries. 

It welcomed the inclusion of motor claims in the Injuries Resolution Board’s mediation process.