The company also said it was committed to quickly paying claims to public house insurance policyholders and will issue interim payments in the short-term while awaiting final clarity on the quantum of losses.
However, insurance industry sources indicated the company could have limited its exposure by negotiating settlements with customers early in the pandemic instead of fighting them in court.
FBD shares were up 3.67pc shortly after the company issued its statement.
The Commercial Court has listed a hearing for February 17 to determine how much should be covered by FBD s policies based on how long pubs were closed and what periods the contracts cover.