Early estimates have put the cost of damage from Storm Ophelia at between €500m and €800m, with the disruption caused by the storm also likely to have cost hundreds of millions of euro.

Insurance Ireland has said it is too early to say whether insurance premiums will rise after claims made on the back of the storm.

Its chief executive Kevin Thompson noted that the industry had been able to cope with losses in the past and would be able to do so in the future.

He also said that "there is no blacklisting in relation to insured events".

"We won't know for a couple of weeks yet in terms of what the actual insured losses will be, until the claims start coming through," he said. 

"The industry has a good track record in being able to pay claims and sustain such losses."

He also said that individuals and businesses are encouraged to hold onto receipts relating to any temporary repairs they may have conducted in the coming days, as many insurers will also cover these costs as part of a claim.

Davy stockbrokers noted that a series of windstorms culminating in Storm Darwin cost FBD €15.2m net of reinsurance in 2014 as its single event cover of €5m was required for multiple events. 

But Davy said that the group's new reinsurance arrangements should afford increased protection, particularly as Storm Ophelia was expected to be a single event.

Dublin Chamber also said it was too early to quantify the cost of the city virtually closing down yesterday. 

Retailers nationwide - including Dunnes, Tesco, Aldi and Lidl and many SuperValu stores - were closed for much of yesterday.

Banks also closed all of their branches around the country for the day.