Insurers counting cost of flooding

INSURERS need more sophisticated models to help them estimate the economic effects of flooding, which will become more frequent as climate change gathers pace, said Andrew Dlugolecki of the University of East Anglia.

Four floods over the last five years cost insurers in Ireland €176 million.

Attendees at the seminar hosted by the Irish Insurance Federation in Dublin yesterday heard that by 2025 water shortages will affect 500 million more people worldwide and European winter storms will be up to 20% stronger.