“Storm Emma was the worst snowstorm the country has seen since 1982 and an unusual weather event for Ireland.”
This was how FBD chief executive Fiona Muldoon described the severe snowstorm that hit Ireland on March 01. In a trading statement, the property & casualty insurer cited significant damage caused to homes, businesses, and farms.
“While it is still too soon to present an exact tally of both the final claim count and the gross cost from this storm, our reinsurance programme provides good cover in extreme events such as this,” said the provider, one of the largest in Ireland. “As a result, the overall net cost (after reinstatement premia) to the Income Statement is expected to be in the range of €6 million to €8 million [£5.2 million to just under £7 million].”
Saying the net cost of Storm Emma will be “contained,” Muldoon noted: “So far, for FBD, it has been characterised by a smaller number of higher value claims than our more typical windstorms.”
FBD, with more than 500,000 insurance customers, has a catastrophe property reinsurance programme in place. The firm offers car, home, business, and farm cover, as well as investment and pension advice.