Irish insurance market takes big hit after Storm Emma
Although the Beast from the East and Storm Emma might not be done with us yet, reports have been coming in about the costs so far to the insurance and reinsurance markets, particularly in Ireland.
Southern and Eastern parts of Ireland were the worst affected by the storms causing significant damage to homes and business premises.
The first insurance company to have released figures is Ireland’s biggest firm, FBD, and they have predicted a loss of up to €8 million as a result of the terrible start to Spring. This comes after big payouts after Storm Ophelia back in October.
Fiona Mildoon, FBD’s chief executive told The Times that Storm Emma has been one of the worst snowstorms that Ireland has seen since 1982. The company will be looking to their strong reinsurance programme which provides good cover in circumstances such as these.
It’s not just the insurance market that’s been hit in Ireland. Lots of businesses are suffering from losses after parts of Ireland were inaccessible and not trading for several days, this could have a big impact on the economy in time.
We have a range of products that can help you cover these risks, from International Property Insurance, Personal Accident and Industrial Coverage through to more risk specific covers. If you’d like to discuss your insurance options in case of an unusual weather event, get in touch with us today on +44 (0) 207 977 1490.