24 Aug 2015
COMMENT BY THE IFA PRESIDENT ON FBDPresident
The IFA President Eddie Downey said FBD Holdings remains a very solid business and as the only Irish-owned insurance company is very important to Irish farmers and its customers. He said he backed FBD’s focus on strengthening its insurance service to farmers, small and medium businesses and consumers and in so doing restoring the business to profit for its loyal shareholders and customers.
Mr. Downey said that farmers, shareholders and customers are rightly very disappointed that FBD has found itself in such difficulty as a result of market conditions, new solvency rules and the business strategy pursued in the past.
FBD has served famers and loyal customers well over the years. As a board member, I am confident that the measures the company are putting in place will both strengthen its finances and restore profitability.
Mr. Downey said that farmers can have confidence in FBD’s ability to meet claims and to continue to provide competitive premium rates going forward.
He said, as a result of inflationary claims pressure that the Government has to intervene and review the level of costs and awards in the insurance sector to ensure that insurance remains affordable for all our citizens.
It is also clear that the necessary changes must be made at all levels of FBD to restore confidence and get the business back to profitability as soon as possible, Eddie Downey concluded.