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How has business been for FBD in the last 12 months?
The last 12 months have been challenging. FBD has undergone significant change, but we have endeavoured to deliver a high service level and product offering to our core customer base, the farming community. We will continue to review what we do well and what we can improve upon over the next 12 months.
Why did insurance premiums increase by 9% last year?
Rate increases have been driven primarily by our motor business, as a result of rising claims costs. These have seen huge inflation in Ireland in recent years and are now at a point where they are a multiple of those in similar countries, such as the UK.
Will rates increase in 2017?
I think claims costs will continue to increase, albeit at a slower pace than in previous years. Therefore, we are likely to continue to see a moderate increase in some rates. Without a meaningful overhaul of the claims environment to bring costs down, I’m afraid this increase is inevitable.
How do you tackle the current claims environment?
The report prepared by the Government’s working group, which looked at the cost of insurance, was welcome. It is critical that the proposals laid out by this report are implemented to help farmers and businesses manage their insurance costs. In particular, it was positive to see plans to create a personal injuries commission to tackle insurance fraud and benchmark insurance claims internationally.
How important are farmers to your business?
Farming clients are as important to FBD today as they have been in our past and make up 55% of our overall business. FBD was set up by farmers for farmers almost 50 years ago and continues to be the market-leading insurer for this sector.
Why are you rebranding FBD?
FBD Insurance has been through a period of significant change and this new campaign positions us for the future. As the only Irish insurer, we’re aiming to remind customers of our support for almost 50 years. ‘‘Protection. It’s in our nature” is our new tagline and it summarises our commitment to provide continued support for the years ahead.
Why is it important to have a strong branch network?
Our nationwide network of 33 offices is a key part of our business. They help us keep our ear to the ground on what matters most to our customers. These close relationships and deep local knowledge are essential to why our farming and small business customers choose to do business with us.
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