Positive collaboration with OPW to help people impacted by flooding

Insurance Ireland today announced that the estimated cost of claims relating to storm damage and flooding in December and early January is approximately €46 million. Over 5,800 household claims have been submitted to Insurance Ireland members, totalling around €19.5 million. The total number of claims for damage to commercial property is 2,225, amounting to €24 million, and the total number of claims for damage to cars is 560, amounting to over €2.5 million. Insurance Ireland advises policyholders affected by storms and floods to contact their insurers as quickly as possible. 

Insurance Ireland is working proactively with the OPW to help deal with issues arising from flood events in the most effective manner. Insurance Ireland expects to sign a Memorandum of Understanding with the OPW in the coming weeks, which, for the first time, will see the OPW sharing flood defence data with Insurance Ireland so that insurance companies can take this data into account when assessing flood risk.  

Kevin Thompson, Chief Executive of Insurance Ireland said, “We are confident that we can reach agreement quickly with the OPW to enable the sharing of information which will help our members make flood insurance more widely available. In the meantime, insurers are working hard to ensure that policyholders who have been affected by the recent storms and flooding have their claims handled as quickly as possible. With further storms possible, we also advise people in areas at risk of further flooding to take precautions to try to prevent further damage to their property without risking injury to themselves, for example, by moving furniture and valuables to an upper level.” 

Insurance Ireland reminds policyholders that: 
• Household buildings and contents insurance will usually cover damage caused by storms and flooding;
• Damage to cars is covered by comprehensive motor insurance policies;
• Insurers will usually pay for the cost of temporary repairs, so ensure that you keep receipts;
• Insurers will also pay for the cost of alternative accommodation, if the house 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. 

ENDS

Cost of Previous Weather Events