FBD estimates Storm Éowyn and January weather losses at €30mn

By Ryan Hewlett

Feb 14 - (The Insurer) - FBD has estimated that Storm Éowyn and the heavy snow during the cold snap in January will cost the Irish P&C insurer around €30mn ($31.5mn).

Storm Éowyn, as named by the UK Met Office, caused damage in the UK and Ireland in late January. The storm is set to be the “single biggest storm” in FBD's history, the Irish P&C insurer said in a trading update filed with the stock exchange on Thursday.

The event followed a prolonged period of bad weather and a cold spell in early January, which led to a significant amount of snow-related damage to property and infrastructure.

FBD said it expects to incur an impact of €30mn from the weather events, noting that it has reinsurance protection in place to mitigate the impact of natural catastrophe losses.

“While it is still too early to determine the total number and gross cost of claims from the weather events of January 2025, FBD's reinsurance programme provides cover for extreme events and this will mitigate the financial impact to FBD,” it said.

“As a result, the overall net cost (including reinstatement premium) for January 2025 weather is currently expected to be approximately €30mn.”

In addition, FBD disclosed that its financial performance for 2024 is anticipated to be ahead of market expectations with profit before tax expected to be approximately €75mn.

The insurer, which is expected to publish its full-year 2024 results on 7 March, said it benefited from strong business growth during 2024, positive underwriting results and increased investment returns.

FBD’s underwriting results have benefited from overall favourable claims experience in the latter part of 2024, relating to both current and prior years.