COURT AWARDS DRIVE FBD LOSSES IN 2015

Irish property/casualty insurer FBD Holdings Plc has reported a net loss of €85m in 2015, driven by higher court awards and increased frequency of motor claims. The 2015 result was hit by a prior year claims development of €96m and a restructuring charge of €11m. The insurer also reported “stable” gross premium written of €363m in 2015, where average premium rate increases of 9% were offset by a 9% decline in policy volumes. Commenting on the result, Fiona Muldoon, group chief executive, said: “After an exceptionally difficult year FBD has stabilised.” Noting that court award levels in Ireland were at an all-time high, Ms Muldoon called on the government to urgently tackle the cost of claims.