Insurers are expected to make their first large euro payouts of between ¤20m and ¤25m (£12.3m and £15.4m), following the freezing temperatures experienced in Ireland at the end of 2001 and during the ...
Insurers are expected to make their first large euro payouts of between ¤20m and ¤25m (£12.3m and £15.4m), following the freezing temperatures experienced in Ireland at the end of 2001 and during the early part of 2002.
Irish loss adjuster Aston & Associates said claims notified revealed that nine out of every ten homes were left unoccupied for at least 24 hours over Christmas and New Year.
It said: "Consequently, losses were not discovered until substantial damage had been caused to property."
One Dublin family returned from a skiing holiday, but could not operate the electronic entrance gates of their home.
They discovered that the electrical power was lost as a result of water ingress.
Insurers had been asked to hold a reserve of $100,000 (£62,000) against this loss.
Aston added that business and industry had not escaped damage as most premises were closed when the thaw set in.
However, it said heating systems that were timed to switch on in industrial and commercial premises, where water pipes were largely exposed, meant that damage was restricted.
