A new deal has been signed to offer relief to some property owners where flood defences have been erected. The Office of Public Works (OPW) is to provide Insurance Ireland with details on where works have been carried out.

Insurance companies have agreed to take the information into account when assessing exposure to flood risk. €370 million has been spent since 1995 on defence schemes which have protected over 10,500 properties.

The Memorandum of Understanding (MOU) outlines the principles of agreement between the OPW and Insurance Ireland on the information being provided, and how it will be used by the insurance industry.

The OPW says it will provide Insurance Ireland with data on all completed OPW flood defence schemes which will show the design, extent and nature of the protections offered by these works.

Kevin Thompson, CEO of Insurance Ireland said "This MOU is the start of a process which will help our members make flood insurance more widely available in areas benefiting from flood defences built to the desired standard of 1:100 years".

"Insurance Ireland will continue to work closely with the OPW and the Government on these matters" he added.

There have been nine major floods costing approximately €750 million in claims since 2000.

"The increased frequency of flooding in recent years highlights the need for action to be taken now in the affected areas so that flood defences are constructed as quickly as possible" Thompson added.

But Minister for the OPW, Brian Hayes, admits it does not guarantee insurance will be offered.