The cost of insurance claims arising from the flooding in November was about €245 million, the Insurance Industry Federation has said.
The recent “big freeze” could cost the insurance industry even more than this, it added, making these two events the most expensive weather losses in the history of the Irish market.
Appearing before the Oireachtas Committee on Enterprise, Trade and Employment yesterday, federation chief executive Mike Kemp accepted that some form of “co-operative arrangement” between the insurance industry and the State might have to be considered to assist those refused flood cover.