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Environment
Matthew Wright, DPhil Candidate, Department of Atmospheric Physics, University of Oxford

How extreme weather will affect the insurance and energy sectors

3dmotus/Shutterstock

When Storm Isha hit Northern Ireland and northern Britain in January 2024, wind gusts of almost 100mph caused widespread damage to property. This strong extra-tropical cyclone also influenced both the insurance and energy sectors. Isha resulted in damages which required the insurance industry to pay out approximately €500 million (£427 million).

That’s a significant financial impact, yet considerably smaller than some previous extreme weather events, such as Storm Lothar which affected much larger regions of Europe with losses of nearly €10 billion.

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