Government plans to tackle flooding are not enough to deal with the scale of the problem, according to the Irish Insurance Federation (IIF).
The floods of October this year, which brought over twice the average rainfall for the month, caused major damage across the State and cost €38.1 million. Munster was particularly badly hit.
Following major flooding in 2002 a review group on government flood relief policy seemed to provide hope to beleaguered property owners and insurers.
But the IIF points out that the review group's proposed funding for flood defences - €440 million over 15 years - falls short of what's required, especially when the budget for the Kilkenny City Drainage Scheme is €48 million alone
Ms Carmel Mulroy, IIF public affairs manager, told ireland.com: "The overwhelming majority of claims came from Munster, concentrated around Cork, Wexford and Waterford. There were 2,791 claims processed, 1,602 of which were from householders, 910 from businesses and 279 from motorists."
In February 2002, an emergency flood relief scheme was established for flood victims, mainly in the Ringsend area of Dublin.
In November that year Meath, Cork City and parts of Kilkenny and Wexford saw rising flood waters bring disruption to homes and businesses.