The first is flood risk concentration. Northern Ireland’s average premium fell from £504 to £479, according to CompareNI.com research, but within that average the most expensive district moved in the opposite direction. Newry, Mourne and Down saw premiums rise 6.5% to £819, almost three years after severe autumn 2023 flooding inundated hundreds of properties and caused tens of millions of pounds in damage. A subsequent government review found the event was driven by unprecedented rainfall and warned that climate change would double the frequency of similar events. “The steady rise in costs in Newry, Mourne and Down shows the lasting impact that extreme weather events can have on insurance prices, with providers factoring increased flood risk into their calculations for years afterwards,” said Ian Wilson (pictured), managing director of CompareNI.com. Northern Ireland does have access to Flood Re, the reinsurance scheme covering high-risk properties across England, Wales, Scotland and Northern Ireland, though continued premium rises in Newry, Mourne and Down almost three years on raise questions about how fully the scheme has cushioned pricing there – an area where district-level data on Flood Re‘s impact remains limited.
