The Alliance for Insurance Reform says other European countries do not face the same struggles as Ireland when insuring properties and businesses.
According to the Irish Examiner, insurers have told a meeting with the Government that "extreme weather events" will result in further price hikes unless change happens.
Peter Boland from the Alliance for Insurance Reform says the industry here is 'dysfunctional':
"We are safe to an extent which often raises eyebrows in Europe. We take Health and Safety extremely seriously in this country, which we should, but to an extent this is driven by our dysfunctional insurance industry. The President of the European representative body for Adventure Employers said that insurance is only an issue in Ireland. It is not an issue anywhere else".
Mayor of County Cork, Danny Collins, has a business in Bantry town, which experienced major floods in 2020.
He says despite his business being located a distance from the quays, he can't get commercial insurance:
"I get flooded, It'll be a tsunami because I'm at the top of a hill - but I can't get cover on my policy. Look, it's heartbreak for a lot of businesses down the town, who have got flooded over the years and they're just paying over their own pocket. They're saying "what's their insurance any good for your know?"
