Flood claims to add €9m to FBD losses

GENERAL insurer FBD warned yesterday that claims resulting from recent flood damage will add up to €9m to its underwriting losses in the current year.

Those losses will result in the group’s forecast earnings per share (EPS) suffering a hit of 21c to 24c from to its recent forecast.

In its latest update the group said: “It is likely that the cost to the Irish insurance industry of this unprecedented flooding will exceed the cost of any previous weather-related event.”