Two weather events cost more than past decade’s claims
The Irish Insurance Federation (IIF) has said the combined insured property cost of the November floods and the January freeze stand at €541m, with the less visible freeze costing nearly €300m for burst pipes.
The insured cost of the two weather events exceeded the total €358m cost of all serious weather events that have occurred in the last decade.
Mike Kemp, IIF chief executive said: “The combined insurance cost of these two severe weather events, that happened in quick succession, is likely to be nearly 60% of annual turnover in the property insurance market.
In 2008 insurers saw a 29% increase in household claims and this upward trend continued in 2009, even before the flood and burst pipes claims hit.”
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