Insurance firm FBD Holdings said that the recent Storm Emma is expected to have a net cost of marginally less than €7m - with 1,200 claims recorded to date.

In a trading update ahead of its AGM today, the company said that its underlying profitability continues to be sound, with customer levels and premiums up.

FBD said that most of the claims relating to Storm Emma came mainly from the east and south of the country.

It said that its "Catastrophe Property Reinsurance programme" has worked well to protect FBD and mitigate the net impact of this storm.

But it added that attritional weather claims are somewhat higher than last year given the prolonged poor weather. 

FBD chairman Liam Herlihy said that so far this year, the company has been pleased to modestly grow its customer and premium levels.  

It has started a major multi-million euro branch investment and rebranding programme for all 34 FBD branches nationwide and plans to open a second Dublin branch on Baggot St, Dublin 4 in June of this year.  

"This expansion of our nationwide branch network is part of our strategy to bring our excellent Irish insurance expertise and value to the local businesses and consumers of our capital city," Mr Herlihy said.