Flood-hit regions may become uninsurable or expensive
Rising reinsurance costs may make flood-risk parts of Ireland too expensive too insure after the recent €400m claims, the Irish Independent reports.
One un-named insurer was quoted as saying: "The reinsurance companies will come into play. They will look at the flooding, which will lead to increases, and they will be more aggressive with their premiums. It's not beyond the realms of possibility that some areas could become uninsurable.
“It's not that insurers will set out to make it unaffordable, it's that increases will probably come into play. What the scale of those increases will be depends on the risk and what the reinsurers do."
Parts may be unisurable
Another said: "Some parts of the country are uninsurable. There are parts of the country where you won't get flood damage cover. It's going to be tough for the insurer, and for the consumer."
Ireland’s biggest insurance company, Hibernian Aviva, estimated that the cost of flooding damage to homes and businesses around the country may exceed €250m.
But industry sources said the bill was more likely to reach €400m, and added costs, such as emergency accommodation and the overtime bill for emergency services workers could double that estimate.
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