October flood bill hits €127m

THE Irish Insurance Federation (IIF) yesterday announced the estimated total insured cost of last October’s floods at €127 million.

Many homes and businesses suffered substantial damage as a result of the flooding that mostly affected the east coast, in particular Dublin.

This was the fourth costliest weather event to effect the country, and the second largest flood event ever, according to IIF data.

Michael Horan, non-life manager, IIF said the October floods caused significant destruction during a very short time and insurers worked with customers to ensure they were back on track as fast as possible; 6,703 customers were affected.

Mr Horan said the €127m was injected back into the economy creating employment through repair work.

The breakdown of claims and costs by class of business is: €58m in household claims (3,532 claims), €59m in commercial property claims (1,251), €10m in motor claims (1,920).

The cost of this flood event is the fourth largest weather-related loss after the January 2010 freeze (€297m), the 2009 floods (€244m) and the December 2010 freeze (€224m).

“The October 2011 and November 2009 floods highlight the importance of adequate investment in flood defences in vulnerable areas. Action needs to be taken now in these areas so that flood damage is minimised in future,” he said.