Floods will cost insurers €250million
Insurers say they are likely to pay out €250 million to cover claims after the recent flooding around the country, writes Nicola Cooke.
Hibernian Aviva, which has about 20 per cent of the insurance market, will pay out €50 million to policyholders affected by the flooding.
The firm had just over 5,000 claims calls to its hotline in recent weeks; if all of these were successful, it would translate into an average pay-out of €10,000 per customer affected. Insurer Axa has already signalled that it expects to pay €10 million to flood-affected customers.
The Irish Insurance Federation has warned that...
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