Flood Protection Gap Report

The Flood Protection Gap refers to the shortfall between the cost of flooding in Ireland and that portion of the cost which is insured.

Lack of access to insurance can affect Irish communities and businesses in a very real way, impairing recovery from a flood and creating a need for government to provide financial supports.

Central Bank of Ireland's Flood Protection Gap Report presents the results of our analysis of the Flood Protection Gap, both today and in the future, in the hopes of informing stakeholders in their efforts to address this important issue. 

The Flood Protection Gap Report seeks to understand the flood protection gap today and in the future.

The work analyses the accessibility of flood insurance and answers the question: if a home or commercial property seeks to have flood cover on their property insurance today, will it be available?

The analysis does not account for a person’s choice not to purchase insurance, which also contributes to the flood protection gap.

The headline results were:

• 1 in 20 buildings have difficulty accessing flood insurance today.
• The estimated average annual cost of inland (river and surface water) flooding is €101m. Severe losses can be much higher than this, with a €510m loss expected about once every 25 years.
• Ireland is likely to see significantly more rainfall in the future due to climate change, increasing the likelihood of flood events and potentially widening the gap.

Flood Protection Gap Seminar

On 17 September 2024, the Central Bank hosted the Flood Protection Gap Seminar at its Docklands Campus.

The purpose of the seminar was to share the Central Bank’s analysis in relation to the flood protection gap and to encourage steps to address it.

Key stakeholders attended the seminar including members of the insurance industry and representatives from the Department of Finance and the Office of Public Works.