Insurance cost of €127 million for October floods

Insurance cost of €127 million for October floods

A flooded area of Dublin last October

The Irish Insurance Federation has revealed that the estimated total insurance cost of last October’s floods was €127 million, roughly evenly divided between private homes and businesses.

The flooding inflicted damage on many homes and businesses along the East Coast, particularly Dublin.

It proved the fourth costliest weather event to affect the country, and the second largest flood event ever according to IIF data.

A total of 6,703 customers were affected, the federation said, with the following breakdown:

  • €58 million in household claims (3,532 claims),
  • €59 million in commercial property claims (1,251 claims),
  • €10 million in motor claims (1,920 claims).

According to www.businesspost.ie, the cost of this flood event is the fourth largest weather-related loss in Ireland after the January 2010 freeze (€297 million), the 2009 floods (€244 million) and the December 2010 freeze (€224 million).

These four events, all of which have occurred over the past two years, have cost €892 million.

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