With climate change driving concerns, a report estimates losses from a quarter-of-a-century flooding event would top €510m
With climate change driving concerns, a report estimates losses from a 25-year flooding event would top €510mThe flood protection gap, the shortfall between the cost of flooding in the Republic and the portion of that cost that is insured, is an issue of growing concern as flood risk continues to increase due to climate change.
The central bank report led to a repeat of calls in some quarters for a national insurance fund, similar to that in the UK, funded by levies on property policies. It essentially works as a reinsurance scheme, where insurers offering home policies can pass on the flood risk element to the national programme for a fixed price. There is little sign of real traction around such an idea in this country.
Addressing the issue of flooding coverage at an insurance conference in Dublin on Thursday, Chambers highlighted that €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan to 2030. The aim is to make more properties insurable for flooding risk.“We believe any future approach to policy will need to be carefully considered and mitigate any unintended risk of moral hazard in the context of any possible State role,” he said.
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