Climate change will lead to increased premiums, insurance companies warn

Flooding at the side at one end of the South Mall in Cork at high tide following heavy rain. Picture: Denis Minihane.

The Government has been warned that climate change will lead to significant rises in the cost of home and commercial property insurance, as the current model for assessing flood risk is no longer workable.

Leading insurance companies have held a series of meetings with the Minister of State with responsibility for insurance, Jennifer Carroll MacNeill, amid concern over the rising cost of premiums and high payouts.