Storm Emma blows €7m hole in FBD figures
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.”