FBD has estimated that Storm Éowyn and the heavy snow during the cold snap in January will cost the company around €30 million.

The insurer said that Storm Éowyn, which hit the country on Friday, January 24, is "set to be the single biggest storm in FBD's history".

This followed the very cold spell of early January, which led to a significant amount of snow-related damage in many parts of the country.

In the aftermath of these weather events, FBD said that it has been "working hard to support its customers".

"Events like these are when customers rely on FBD most and our teams are working assiduously to ensure claims are processed quickly and fairly," it said.

The company said that while it is still too early to determine the total number and gross cost of claims from the January weather events, its reinsurance programme provides cover for extreme events and this will mitigate the financial impact to FBD.

"As a result, the overall net cost, including reinstatement premium, for January 2025 weather is currently expected to be approximately €30 million," the company said.

In a trading update issued by FBD Holdings for the year ended December 31, 2024, it also said that preparations of its 2024 full year results is ongoing.

However, it said that the financial performance for 2024 is anticipated to be ahead of market expectations with profit before tax expected to be approximately €75 million.

The company said that this is as a result of "strong business growth during 2024, positive underwriting results and increased investment returns".

"Underwriting results have benefited from overall favourable claims experience in the latter part of 2024, relating to both current and prior years," it said.

Full details of FBD's 2024 financial results will be released on March 7, 2025, along with formal guidance for 2025.