FBD sets aside €80m to cover business interruption claims and FSPO fines

The Irish-owned insurer announced pre-tax profits of €22 million for the first half of the year as it set aside further provisions to cover the costs of business interruption claims related to the pandemic

6th August, 2021
FBD sets aside €80m to cover business interruption claims and FSPO fines
FBD Insurance reported pre-tax profits of €22 million for the first half of the year

FBD Insurance has set aside €80 million to cover the potential costs of paying out business interruption claims to pubs as well as fines handed down by the financial services ombudsman.

Announcing half year results, FBD said it estimates the total cost of paying out business interruption claims will be about €183 million — an increase from its previous estimate of €150 million. The insurer said it expects its reinsurance partners to pick up more...

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