The Irish Insurance Federation (IIF) today announced the industry’s estimate of claims costs arising from the November floods.

The combined bill for household, commercial property and motor claims facing IIF members is expected to be €244 million. It is estimated that household insurance claims will cost the industry €77 million while commercial property claims will cost €159 million and motor claims will cost €8 million. There have been 8514 claims in total – 4629 household, 1541 commercial property claims and 2344 motor claims.

Michael Horan, Non-Life Manager, IIF said, “This flooding is the most severe weather event to affect the country in recent history. The response of insurers to the situation was swift and professional. Emergency helplines were immediately advertised by insurers in the media while companies reassigned staff in order to speed up inspections of flood damaged properties and to expedite the processing of claims.”

Commenting on the current freeze, the IIF has advised householders to keep their homes well heated to avoid burst pipes, and if the house is left unoccupied for a few days people are advised to leaving their heating on a timer to prevent frost damage to water pipes.

In the unfortunate event of your home being affected by the freeze it is worth noting:

• Household buildings and contents insurance will usually cover damage caused;
• Insurers will usually pay for the cost of temporary repairs to prevent further damage, so ensure that you keep receipts;
• Insurers will also pay for the cost of alternative accommodation, if the home becomes uninhabitable (up to stated limits);
• Householders should check the full extent of their policies and contact their insurer or broker as quickly as possible. 

The IIF says it is too early at this stage to estimate the cost of the freeze – this figure will not be available for at least three to four weeks.

Mr Horan continued, “The insurance industry protects millions of people in Ireland against financial loss. The November floods and the current freeze are a graphic illustration of how the industry operates to protect policyholders whose homes and businesses have been affected by the adverse weather in recent weeks”.