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Crowe - High insurance costs unjustifiable as massive profits reported

27 August, 2003

Sinn Féin TD Seán Crowe has called on insurance company FBD Holdings to reduce their costs to both motorists and small business' in light of their dramatic increase in profits announced today. Deputy Crowe was responding to a report from FBD that indicated that their profits had risen from €17.32 million last year to €61.77 million for the first six months of this year.

The Dublin South West TD said that "this represents a phenomenal growth of profits in anybody's book and would indicate that the company has much room to manoeuvre in relation to passing on benefits to their customers through reduced premiums."

"The Irish motorist, self-employed people and small business' have over the last number of years been crippled by unjustifiable rising insurance costs. I think these profits show that the insurance industry can well afford to reduce premiums and they must do it immediately." ENDS

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