FBD may take €50m hit from Covid pay-outs

FBD had set aside €30m to cover costs which are now likely to be considerably higher following the High Court, earlier this month, ruling that the insurer must pay out cover to four pubs for Covid-related trading losses.

FBD is expected to take a €50m earnings hit from having to pay out Covid disruption insurance to pub and restaurant policyholders.

The insurer is due to publish its 2020 annual results next week. Those figures are likely to show a breakeven position, compared to profits of over €112m in 2019.