Storm Éowyn wreaks havoc across Ireland, causing widespread damage and leaving thousands without power and water. Insurance industry anticipates costs of €200 million, making it one of the most expensive weather events in recent history.
Storm Éowyn , which slammed into Ireland last week, is expected to cost the insurance industry as much as €200 million in damages, making it one of the most expensive weather events on record for the sector. The preliminary estimate, based on a survey of insurance industry members who had received €116 million in claims as of January 31st, was released by Insurance Ireland on Tuesday evening. A more precise figure will take weeks to determine.
Thousands of people, particularly in County Cavan, are still without power and water after the storm caused extensive damage. The storm brought dangerously high winds and gusts of up to 183km/h, wreaking havoc across the country. EBS Networks reported that over 25,000 homes, businesses, and farms remained without power on Tuesday, 12 days after the storm hit. The State-owned company has restored power to 738,000 customers since the storm caused unprecedented damage to the electricity network. It expects to restore power to the remaining customers throughout the course of this week.The impact of Storm Éowyn on the insurance industry is significant. Insurance Ireland stated that damage caused by storms is a standard insured peril on all household insurance policies. However, the organization clarified that house insurance premiums are not directly affected by individual events like this storm but rather by a range of factors and insured perils. Despite this, industry experts predict that the increasing frequency of weather events will likely lead to higher premiums for consumers in the future.The storm has left a trail of destruction in its wake. Homes have been severely damaged, with roofs blown off and trees uprooted. The once-rural landscape has been transformed into a scene of devastation. Authorities are working tirelessly to assess the damage and provide assistance to those affected. While the initial shock of the storm has subsided, the long road to recovery has just begun. The storm serves as a stark reminder of the power of nature and the importance of preparedness in the face of extreme weather events.
STORM ÉOWYN INSURANCE IRELAND DAMAGES POWER OUTAGES WEATHER EVENTS INSURANCE INDUSTRY CLIMATE CHANGE
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