Premium hikes on way after weather disasters

HOMEOWNERS could face premium hikes after insurance companies announced record pay-outs due to the devastating impact of floods and freezing temperatures last winter.

The country’s largest insurance company, Aviva Ireland, said it will pay out a record €100 million to 4,500 customers affected by the floods and freezing conditions.

That is the largest amount it has ever paid out in a 12-month period for weather-related events, raising fears that homeowners across the market may face premium hikes down the line as a result of increased pay-outs.