Weather disasters may lead to insurance premium hikes

Premium insurance hikes could be on the way following claims for the devastating impact of floods and the freezing temperatures of last winter.

The Irish Insurance Federation has said the severe weather incidents last year were the most expensive weather losses in the history of the Irish market.

It has estimated that total pay-outs from claims could hit €500m.

A planned review of how the European Insurance market protects against flooding and other natural disasters could now result in greater State involvement in cover against such events.