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Insurance trouble ahead for householders affected by floods

written by Naomi_Richardson
26.11.09 Posted in Insurance 1 1

Insurance is a hot topic this week as the November storms wreak havoc around the country. Thousands of homes have been affected by the flood waters and hopefully all of them will have had insurance cover or it will be a very miserable Christmas indeed. But according to a report in the Irish Times at the weekend householders may find it difficult to get cover for "predictable events" like regular flooding.

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Insurance

Industry sources pointed out insurance is for “unexpected events”, but flooding was becoming “predictable” and every year insurance was being paid out for the same flooding event. They indicated companies could take a more robust approach to evaluating claims, and could also withdraw cover from a greater number of known flooding areas, the Times reported. The good news is though that companies are working to ensure claims are handled quickly, the Irish Insurance Federation says.

Banking

Yes, yes we're all weary to the bone about NAMA and the banks. So long as our wages turn up on Friday, I'll be alright Jack etc etc. But here's one we thought was interesting. Irish Nationwide may have to hand over its homeloan and deposit books to EBS. So what has Irish Nationwide done to deserve such treatment? According to a report in the Irish Independent Finance Minister Brian Lenihan's direction "in recent days", would effectively leave Nationwide with no business once it had signed over the two books to EBS and passed its €8bn commercial property loans portfolio to the National Asset Management Agency. Nationwide and EBS have been engaged in exploratory talks for several weeks now. Nationwide's assets include a €2bn homeloan book as well as a deposit book that is worth about €5bn. So does that mean bye bye Nationwide? We'll have to wait and see?

Broadband

More than 65pc of houses are now connected to broadband, Minister for Communications Eamon Ryan told the Dail this week.The Irish Times reported that he said some 70pc of households now had a computer. Insisting that the national broadband scheme was working, Mr Ryan said: “It is delivering services to areas week-by-week that would not otherwise have had coverage.” Hmmm, we wonder where he is getting his figure from?

Travel

Shock all around here at the reports that Budget Travel has gone into liquidation. Ireland's largest tour operator has been forced to close after bookings fell off a cliff. According to reports in the Irish Independent, over 700 holidaymakers that are currently abroad who booked through Budget Travel are effectively stranded but the company is to pay for them to be put up in hotels and will also assist in getting them home. The collapse of Budget Travel, after almost 35 years in business, will see the closure of its remaining 17 shops and the loss of another 172 jobs. In September it closed 14 shops and axed 95 jobs.


Credit cards

It seems the future of credit cards is under threat, according to financialfacts.org, a UK website. These dire warnings come courtesy of PriceWaterhouseCoopers. Last year, credit card borrowing dropped 3pc, and the number of cards in circulation fell by 8pc. Consequently, the total value of card transactions fell 27pc in the UK. Poorly chosen credit cards have caused bad debts to reach new highs (we're guessing it didn't take a rocket scientist to figure that one out). Total credit-card write-offs stood at 5.8pc in 2008; PriceWaterhouseCoopers have predicted this figure could reach 9pc by the end of 2010. We're guessing the picture is just as attractive here since where the UK goes, we tend to follow.

Naomi_Richardson

Naomi Richardson lives in Meath with her family close to an UNESCO world heritage site. This is great for tourism but little else. When she's not cracking the editorial whip she enjoys eating chocolate and will keep doing so until her metabolism packs in.

Naomi_Richardson
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1 comment(s) to "Insurance trouble ahead for householders affected by floods"
  • Its is terrible what is happening to people near the Shannon, the Government need to ensure that these poor people are looked after. They have lost everything and only a month before Christmas. House insurance is always going up and it is ridiculous to think that they may not get compensation.

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    MaryroseMaryrose
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