FBD said that the overall net costs to the insurer from storm Éowyn and other weather events in January is expected to be approximately €30m.

The figure, published as part of a trading statement issued by the company on Thursday 13 February, is likely to be much lower than the total value of claims paid out by the insurer for weather-related events in January.

However, FBD has a reinsurance programme in place (reinsurance is basically insurance for insurance companies), which the company said “provides cover for extreme events and this will mitigate the financial impact to FBD”.

Processing

FBD said that its teams are working “assiduously” to ensure claims are processed quickly and fairly.

On the financial performance for the full year of 2024, FBD said that it expects profit before tax to be approximately €75m.

While the company said that this is “ahead of market expectations” and is “a result of strong business growth during 2024, positive underwriting results and increased investment returns”, the figure is a 7.4% drop for the €81m pre-tax profit recorded for 2023.

FBD will deliver its full 2024 financial results on 7 March and will hold its AGM on 8 May, at which former Tirlán CEO Jim Bergin will officially take over as chair of the organisation from Liam Herlihy, who will have completed nine years in the position.