Mon, 24 Aug 2009 16:35:00 IST
FBD is now Ireland’s second largest Property and Casualty Insurer
Wednesday, 12 August 2009. FBD Holdings plc (FBD) announces that its insurance business has been officially ranked as the second largest Property and Casualty Insurer in Ireland for the year 2008. The insurer reached its highest ever market share at 11.6 per cent of Gross Written Premiums (€385.6 million) according to official figures compiled by the Irish Insurance Federation.
The top companies by market share for 2008 and 2007 are as follows:
FBD has grown its market share consistently over the last seven years, increasing it by 41% from 8.2 per cent in 2002 to 11.6 per cent last year.
|
|
2008 |
|
|
2007 |
1 |
Aviva |
19.2 |
1 |
Aviva |
19.9 |
2 |
FBD |
11.6 |
2 |
Quinn |
12.2 |
3 |
Allianz |
11.5 |
3 |
FBD |
11.3 |
4 |
Quinn |
11.2 |
4 |
Allianz |
11.2 |
5 |
RSA |
10.4 |
5 |
RSA |
10.4 |
6 |
AXA |
10.0 |
6 |
AXA |
10.0 |
7 |
Zurich (Eagle Star) |
8.7 |
7 |
Eagle Star |
8.0 |
8 |
AIG |
4.9 |
8 |
AIG |
5.2 |
The company has built its position in the Irish market entirely through organic means in competition with major international institutions. Growth was achieved through targeting new customer segments; by establishing dominant positions in town and villages throughout Ireland; by developing new channels though telephone and the internet based initiatives and by targeting growth into major urban centres.
Commenting on the new ranking, Adrian Taheny, Director of Marketing and Sales said: “FBD was established as an insurance company in 1969 by farmers for farmers. Today, it is one of Ireland’s leading indigenous financial institutions serving a broad cross section of the community in commercial and personal sectors. We continue to grow our business in the face of intense competition through providing cost effective quality service and products to our customers. The new FBD Support Centre located in Mullingar and employing 150 staff along with leading edge Internet offerings launched in 2008, have proved particularly successful. The credit for our consistent performance must go to our innovative management and staff who are continually responsive to changing customer needs.�
FBD employs over 1,000 people in Ireland and covers motor, home, business and farm insurance through in excess of 600,000 policies. In May the company launched a new brand identity and successful marketing campaign targeting the urban market, which offers attractive opportunities for continued growth, emphasising FBD’s size, Irishness and reputation.
For further information contact:
Murray Consultants 01 498 0300
Elizabeth Headon 087 989 7234