However, its solvency capital ratio rose marginally last year to 226 per cent of the amount of cash reserves it estimates it would need to withstand a one-in-200-year loss event over the space of 12 months. That is well ahead of FBD’s target of 150-170 per cent.
Gross written premiums at FBD increased by 8 per cent so far this year from the same period in 2022, fuelled by an increase in policies being written as well as higher average premiums. Mr Ó Midheach said the company was monitoring the implementation of personal injury guidelines, introduced in early 2021, “on an ongoing basis and continue to reflect the impact seen to date in the prices charged to customers”.
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