Insurance group FBD has said increases in premiums are needed this year, particularly to help the industry to cope with claims from flooding and freezing this winter.

In a trading update released to coincide with its Annual General Meeting in Dublin, FBD said claims linked to the severe cold weather in January had cost it €12m. This is in line with a previous estimate.

The company said home and business insurance premiums had risen in the first three months of this year, but motor insurance rates had been slower to increase.

FBD said the value of insurance premiums written in the first quarter rose for the first time in three years, mainly due to higher prices.

Despite the weather-related claims, the insurance company said overall there were fewer large claims in early 2010 than in the same period last year.

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