Storm Emma blows €7m hole in FBD fig­ures

Irish Independent - Farming - - NEWS -

STORM Emma cost FBD €7m in claims, chair­man Liam Her­lihy told share­hold­ers at the com­pany’s AGM on Fri­day, writes Claire Fox.

Mr Her­lihy said that it has re­ceived 1,200 claims in re­la­tion to March’s Storm Emma that would cost the in­surance com­pany €7m in to­tal.

“FBD’s 2018 trad­ing per­for­mance to date has been solid, al­though we have been im­pacted by the poor win­ter weather,” said Mr Her­lihy.

“In par­tic­u­lar, Storm Emma is ex­pected to have an over­all net cost (af­ter re­in­state­ment pre­mia) of marginally less than €7m, hav­ing re­sulted in over 1,200 claims to date, pre­dom­i­nately in the east and south of the coun­try.”

How­ever, Mr Her­lihy as­sured share­hold­ers that the over­all growth of the com­pany was strong.

“The un­der­ly­ing prof­itabil­ity of our busi­ness continues to be sound,” he said. “In this cur­rent low-in­ter­est-rate en­vi­ron­ment, in­vest­ment in­come continues to be very low and as a re­sult, our fo­cus is on un­der­writ­ing dis­ci­pline and care­ful growth in our core mar­kets of farm, busi­ness and con­sumer, as the Ir­ish econ­omy ex­pands.

“FBD has em­barked on a ma­jor mul­ti­mil­lion-euro branch in­vest­ment and re­brand­ing pro­gramme for all 34 FBD branches.”

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