Storm Emma set to cost FBD up to €8 million
Early estimates suggest Storm Emma is set to cost FBD as much as €8 million following severe damage to farms and businesses, predominantly in the south and east.
Commenting on the chaotic weather conditions at the start of the month, a spokesperson for FBD said: “Ireland experienced a severe snow storm on Thursday March 1.
“Storm Emma has resulted in significant property damage and we have been working with our customers to compensate them for the damage caused to their homes, farms and businesses.”
While it is still too soon to present an exact tally of both the final claim count and the gross cost from this storm, FBD’s reinsurance programme provided “good cover” for extreme weather events, according to the firm.
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.
Fiona Muldoon, company chief executive, said: “Storm Emma was the worst snow storm the country has seen since 1982 and an unusual weather event for Ireland.
So far, for FBD, it has been characterised by a smaller number of higher-value claims than our more typical windstorms.
“That said, I am pleased that our ‘Catastrophe Property Reinsurance’ programme is working well to protect FBD and that the net cost of this storm will be contained at between €6 million and €8 million.”