The result includes a €13m provision for consequential payments
Tomás Ó’Midheach, Group Chief Executive of FBD said the business interruption judgement from the quantum hearing held in July will rule on a number of issues, including the issue of partial closure, which he said is the largest outstanding point of clarification.
“This judgement should provide clarity on the gross liability and the certainty required to finalise discussions with reinsurers on recoveries due.
“In the meantime we have continued to make interim payments to customers who have provided requested information.
“We believe our approach has been correct in seeking to have the complex matters involved resolved by way of a legal case,” he said.
This morning, the insurance company reported a pre-tax profit of €22 million for the first six months of this year, compared to a loss of €9 million last year.
The result includes a €13m provision for consequential payments following the Financial Services and Pensions Ombudsman (FSPO) rulings on Business Interruption complaints.
The group reported an underwriting profit of €13m, compared to a loss of €4.7m in 2020 and Gross Written Premium (GWP) of €181.4m, which is 1% lower than the previous year when the pandemic related premium rebates are excluded.
The half year results show that customer policies increased by 3,500 compared to 2020.
The company said the retention of customers remains high.