Irish property insurance holders find the claims process stressful, and although a large proportion of those who make successful claims are dissatisfied with the outcome, a majority are not confident enough to challenge their insurer’s decision, according to new research.
Conducted by polling company Amárach on behalf of loss assessor OMC Claims, the survey of some 1,000 policyholders examines attitudes of home and business owners to the property insurance process.
Less than 60 per cent of policyholders surveyed said they were happy with the outcome of their claims process, according to the data. Still, more than half of them said they did not have the confidence to challenge their insurer’s decision.
Confidence was a bigger issue for homeowners, with just 47 per cent admitting to being self-assured enough to challenge the claim outcome.
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Business premises owners were more likely to feel confident enough to challenge their insurer, but an overwhelming 80 per cent of them said they still found the insurance process stressful.
“The insurance process can be really stressful for people, as highlighted by this research,” said Liam Ryan, managing director of OMC Claims.
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“A significant number of respondents indicated that they have not felt adequately covered by past payouts, particularly business owners. However, many policyholders do not feel confident enough to challenge the settlements offered – that’s where loss assessors can play a key role.”
Figures compiled by Aviva in 2024 indicated that Irish homeowners are underinsured to the tune of about €39 billion on their properties, largely because they have not increased their coverage to keep pace with rapid increases in rebuild costs.
The Central Bank wrote to the heads of the country’s insurers in late 2022, warning them of the risks posed to consumers of not having sufficient home insurance cover as construction costs were on the rise. It directed insurers to ensure customers are properly informed of these risks when they take out or renew policies.
Speaking to The Irish Times last September, chartered building surveyor Trevor Kelly said businesses are also leaving themselves exposed to financial disaster by failing to update their coverage.
“For the past four years, we have been conducting on-site reinstatement cost assessments for commercial properties as Royal Institute of Chartered Surveyors-regulated chartered surveyors,” he said.
“Our findings show that nine out of 10 commercial properties are in fact underinsured, and not by small amounts either.”
