The government has been warned that climate change will lead to a significant increase in the cost of insuring homes and commercial properties as the current flood risk assessment model no longer works. Leading insurers have held a series of meetings with the Minister of State for Insurance, Jennifer Carroll MacNeill, amid concerns over rising premium costs and high payouts. Irish Examiner obtained notes and minutes of meetings between Ms. Carroll MacNeill and the insurance companies under the Freedom of Information Act. At the meetings, insurers repeatedly expressed concerns about the impact of climate change. Catastrophic weather events "Extreme weather events around the world are affecting the ability of insurers in Ireland to underwrite property insurance," an AXA Ireland representative told the meeting. Insurer Allianz said the industry will need financial help from the government for climate-related events as the current flood risk assessment model is unsustainable. AIG warned of a difficult market for insurers given the "increased frequency of medium-scale catastrophic weather events", with losses in the "region of €25 million to €70 million" per event. (Sean Murray)