Ratings agency Standard & Poor’s said that it expects storm Ophelia, which had previously been a hurricane, will be a “relatively significant” loss event for the Irish insurance and reinsurance sector.
Ophelia is expected to drive some in the local re/insurance market to a loss for the year, S&P suggested.
“Although it is very early to assess the insured losses attributable to Storm Ophelia, we believe losses to the insurance and reinsurance market will be relatively significant,” S&P explained.
“Storm Ophelia recently battered parts of Ireland, with winds of up to 150km per hour in some parts. It claimed the lives of at least three people and has been described as one of the worst storms to strike the country in more than 50 years,” the rating agency continued.
Losses from storm Ophelia are expected to be quite concentrated in the local re/insurance market, exacerbating pressure felt from recent structural changes in the sector, S&P said.
