The month of June experienced the highest number of tractor injury claims in a single month than any other over the past ten years.
That is a statistic contained in FBD Holdings’ half-year report for 2021, which it published last week.
In the report, a spokesperson noted:
Average tractor premiums increased by 3.8% “due to larger tractors being insured”.
“Farm average premium reduced by 1.2% with farm activity levels unaffected by the pandemic. Home average premium increased marginally.”
“The frequency of claims relating to farm activities remained relatively stable throughout the year to date.”
The insurance company reported a profit before tax of €22m compared to a loss before tax of €9m last year.
It noted that average premiums were down 2.1% across its portfolio, with motor down 5.7%.
As a result of the Covid-19 pandemic and the government’s restrictions, there has been a “significant” reduction in the frequency of motor and liability claims during the year to date compared to pre-Covid levels.
The reduction was particularly evident in January and February, with frequency increasing as the economy opened up and following the schools reopening in March.
Furthermore, Employer Liability claims have returned to more normal levels, with motor and public liability claims remaining “lower than normal”.
The frequency of claims relating to farm activities remained relatively stable throughout the year to date.
“Less than 50% of the normal number of large claims, defined as a value greater than €250k, have been reported to 30 June with Covid-19 affecting frequency and possibly impacting the normal flow of information on large claims.”