Flooding throughout the country due to heavy rain last October cost an estimated €127 million, the insurance industry said today.
The Irish Insurance Federation claimed it was the fourth costliest weather event to affect the country, and the second largest flood event ever.
Some 6,703 customers made claims after damage was caused to many homes and businesses, the body said.
The east coast, and Dublin in particular, was worst affected.
More than half the claims, some 3,532 valued at €58 million, related to damage to homes. There were 1,251 claims for commercial property, amounting to €59 million. In total, some 1,920 customers claimed €10 million in motor claims.
Insurers calculated claims as a result of the ‘big freeze’ in January 2010 at €297 million. The 2009 floods cost €244 million, and the December 2010 freeze resulted in insurance payouts of €224 million.
The total insurance cost of the four weather events amounted to €892 million.
Michal Horan, non-life manager of the IIF, said last October’s floods and those of November 2009 highlighted 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.
The Government established a €10 million fund to provide financial support to those who suffered damage as a result of the October floods.
The fund, administered by the Department of Social Protection, was means tested but in some cases also provided assistance for structural problems caused by flooding.
Two people died as a result of the floods after a record amount of rain fell along the east coast in a single day on Monday, October 24th.