Homeowners and businesses here should be afforded the same high level of flood insurance protection that is offered to those in the UK, an insurance risk and commercial law firm has claimed.

BLM has called on the Government to conduct a review of the market to consider how it can be brought more in line with the experience in the UK.

Over 70,000 homes across the country are at risk of flooding, Gamma Location Intelligence has estimated, with the value of potential damages estimated to be as high as €2 billion.

However, many homeowners in areas with a history of flooding grapple to find and maintain any or affordable cover for the risk.

BLM says the risk is climbing as a result of climate change, particularly in areas like Munster.

As a result, the company's partner, Garrett Cormican, thinks the market needs to be brought up to speed to reflect the changing dynamic.

"The devastating effects of flooding are evident and with the predicted impact of climate change, it's clear that flooding will eventually cause damage to our country's infrastructure," he said.

"It is questionable whether current levels of protection offered by existing flood defence structures are adequate," he added.

BLM assisted in the establishment of the Flood Re initiative in the UK, which aims to make flood cover more affordable for households at greatest risk.

The initiative, developed by the insurance sector and the UK Government and launched five years ago, has led to more insurance options being made available to households at competitive prices.

"We can’t stop natural events from taking place but we are in a fortunate position to learn from the Flood Re initiative and implement a suitable alternative for Irish homeowners," Mr Cormican said.