Cost to insurers will exceed all previous weather claims
Irish insurer FDB said recent flooding was the most expensive ever and would cut its full-year earnings, pushing its shares more than 6% lower, Reuters reports
"It is likely that the cost to the Irish insurance industry of this unprecedented flooding will exceed the cost of any previous weather-related event," FBD said in a statement. The flooding would increase its net incurred claims costs for 2009 by between €8m and €9m.
FDB said its full-year operating earnings per share (EPS) would fall by between 21 to 24 cents to within a range between 75 to 80 cents.
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