Insurance group FBD today announced a 15 per cent increase in half-year pre tax profits to euro 8.4 million.
Commenting on the results, Mr Paul O'Callaghan, FBD’s chief executive, said the group had maintained a strong financial performance in the first six months of the year.
Mr O’Callaghan said turnover in all businesses showed considerable growth, despite the significantly increased Motor Insurers' Bureau claims charge, arising from uninsured motorists, which was up by euro 4.1 million.
The company said in a statement that it shared industry-wide concerns at the rising costs arising from uninsured motorists. "This cost is being borne by the law abiding, insured motorist," The company said.
"The best prospect for much-sought-after reduced motor premiums lies in the resolution by the appropriate authorities of this major issue, along with road safety improvement measures and changes in our compensation awards system," it added.