FBD Holdings said today that the underwriting performance of the business so far this year has been in line with expectations.
In a statement ahead of its AGM in Dublin today, FBD said that while inflation continues to be experienced in property and motor damage claims, injury claims experience has been benign and there were no significant weather events.
FBD's chief executive Tomás Ó Midheach said the insurer's Gross Written Premium has increased by about 8% in the year to date compared to the same time last year on the back of increased policies written as well as higher average premium.
The CEO also noted that the company was seeing strong retention of existing customers.
Mr Ó Midheach said the provision for Covid-19 business interruption claims relating to its pub policies remains at €42m net of reinsurance.
"We now expect the written reasoned ruling from the Judge in the test case in mid-June. This ruling is anticipated to provide certainty in respect of outstanding issues and enable us to pay the balance of claims to publicans," he added.
He also said the company continues to monitor the implementation of the Personal Injuries Guidelines on an ongoing basis, adding that it continues to reflect the impact seen to date in the prices charged to customers.
"Overall, we remain confident in the underlying profitability, future growth prospects, capital strength of the business and in our ability to continue to provide excellent service to our customers," Mr Ó Midheach told today's AGM.
