Published: Wednesday, 3rd March, 2010 5:30pm
Local flood claims set to reach €15m
by Tadhg Carey
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EmailFigures released last week by the Irish Insurance Federation estimate the bill for flood claims by Westmeath householders and business people at €5.1m, while another €10.1m of claims were lodged in Roscommon.
Another €12.13m of payouts related to the big chill are expected following claims from the two counties.
The volume of claims from Westmeath and Roscommon in relation to frozen pipes dwarfed the number of flood claims from the two counties.
In total, there were 1,025 household and business claims following the big freeze, compared to 327 following the floods.
The cost of claims from frozen and burst pipes in Westmeath (€5.415m) is set to exceed that of the floods (€5.097m).
However, in Roscommon, the insurance bill for burst pipes, at €6.716m, is less than the cost of the floods (€10.174m)
Notably, the statement from the insurance federation does not outline how much of these claims have been settled, and simply states the floods and frost "will see insurers" pay the claims outlined.
Some 162 claims were lodged from Westmeath for flood damage caused between November 9 and November 30 last.
Of these claims, 131 were from households for damage to the value of €3.9m while €1.18m worth of claims were lodged for 31 commercial properties.
In Roscommon, 165 claims were lodged following the floods. Of these claims, 101 were from households for damage to the value of €2.259m while €7.915m worth of claims were lodged for 64 commercial properties.
Unsurprisingly, the largest volume of flood claims came from Cork, where 1,813 claimants will receive a total of €140m. There were flood related insurance claims from all 26 counties. In relation to burst pipes between December 21 and January 21, 447 Westmeath households are set to share €4.527m in payouts, while 81 business will receive a total of €888,000.
In Roscommon, 402 households were affected by frozen or burst pipes and will receive €5.465m in settlement of claims while 94 businesses will be paid €1.251m
Nationwide claims to the tune of €541m were lodged with insurance companies for flood and freeze damage.
The January freeze, which was less visible to the public than the floods, will see insurers pay nearly €300m to customers whose homes were affected by burst pipes.
According to the industry federation, the cost of the two weather events has exceeded the total cost (€358 million) of all serious weather events that have occurred in the last decade
Mike Kemp, IIF Chief Executive said: "The combined insurance cost of these two severe weather events, that happened in quick succession, is likely to be nearly 60 percent of annual turnover in the property insurance market. In 2008 insurers saw a 29 percent increase in household claims and this upward trend continued in 2009, even before the flood and burst pipes claims hit."
