Shares in FBD hit €9.95 during trading this week, which is its highest point in almost three years. Since late October, shares in FBD have climbed almost 20% as markets react positively to the improvement in its financial performance.

Fiona Muldoon, chief executive of FBD, said the insurer is on track to deliver “low double-digit return on equity” this year, as long as weather remains benign for the remainder of the financial period.

The insurer has already estimated that the damage caused by Storm Ophelia in October will cost in the region of €4m to €6m, which is significantly lower than the €15.2m in claims following Storm Darwin in 2014.

Unlike its competitors, FBD continues to invest in bricks and mortar. The insurer last week opened its first sales office in Dublin and the first new branch in almost a decade, bringing the company’s branch network to 34. The new office is located in Drumcondra and FBD says it will target customers in the business sector, particularly small to medium enterprises (SMEs).