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.

12th December, 2009

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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