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Insurance
firms are set to pay out a massive €5.5 million to homeowners and
commercial property owners in County Wexford, following damage
sustained from burst pipes during the January big freeze.
This
is on top of nearly €750,000 already claimed in the county for
damage suffered from flooding during November. According to figures
published by the Irish Insurance Federation (IIF) in Ireland
nationally, both of these extreme weather events have resulted in
property insurance claims totaling €541 million. This is more than
the €358 million total of combined costs for all previous weather
events during the past 10 years.
The
wintry weather and freezing conditions during January resulted in
many homes and businesses suffering burst pipes throughout County
Wexford, which lead to flood damage in many cases.
The
flooding left Wexford County Council's public water supply extremely
short with rationing introduced for a short period. The number of
ensuing household insurance claims made in the County during the
month was 514 with commercial claims standing at 105.
The
overall pay out for household damage could reach €4,032,000 while
the cost of commercial property damage stands at €1,482,000,
making for a combined total for the month of €5,514,000.
Although
November's flooding did not affect County Wexford as badly as other
areas in the West of Ireland, household and commercial claims have
still added up to €754,000. During the period 9 November
to 30 November, the number of claims for household
flooding stood at 90, with 26 claims for flooding damage to
commercial properties.
The
household total is €444,000, according to the Irish Insurance
Federation while the commercial total is €10,000. Mike Kemp, Chief
Executive of the IIF, described the insured cost of the two recent
extreme weather events as being 'very stark' and although there may
be implications for the Irish insurance sector, he believes in the
resilience of insurance
companies to meet the needs of their customers during a ‘very
traumatic time for many people’.
However,
Mr. Kemp thinks these costs may have insurance implications for the
future in relation to weather-related claims saying, “With the
increasing frequency and severity of extreme weather conditions,
questions inevitably arise as to the future cost and even
insurability of some risks, particularly flood risk in some parts of
the country”.
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