Thursday 20 September 2018

Storm Emma cost FBD €7m

Erosion at the Murrough after Storm Emma. Photo: Paul Messitt
Erosion at the Murrough after Storm Emma. Photo: Paul Messitt
Ellie Donnelly

Ellie Donnelly

FBD reported a "solid" start to 2018, despite the impact of poor weather.

However, in a trading update ahead of yesterday's annual general meeting, the listed insurer said damage associated with Storm Emma would result in a net cost of just under €7m for the company.

In March Storm Emma hit the country from the west just as heavy snowstorms arrived from the east.

To date, FBD said it has received over 1,200 claims over the storm, predominately in the east and south of the country. "We are currently working closely with our customers to compensate them for the damage caused to their homes, farms and businesses," said Liam Herlihy, chairman of FBD.

Despite those claims, the group said that the underlying profitability continues to be sound.

The group also said that customer and premium levels had grown "modestly".

Shares were unchanged in Dublin yesterday.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business