Irish insurance market to be loss making in 2015 and 2016: Insurer FBD

Irish insurer FBD Holdings P.L.C. has said that the country's insurance market will continue to be loss making in 2015 and 2016, reported The Irish Times.

FBD said that rates in the sector have not increased enough to offset a "significant deterioration" in the claims environment.

The Irish market continues to grow in 2015 "as insurers increase rates following market losses arising from the increased claims cost and frequency experienced as the economy improves," said the insurer.

FBD warned that profitability will be "challenging."

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