Updated 17.55:

The Minister for the Office of Public Works (OPW) Simon Harris says he hopes that insurance companies will reflect on their position and provide cover for areas hit by flooding.

Mr Harris says it is not good enough that insurance is being refused to people in areas with flood defences or temporary flood walls.

A levy on all home insurance policies is one of the options being considered - however the minister is not in favour of this as homeowners already pay for flood defences through their taxes.

The UK model is one of a number of options being considered by the government. Britain has a stg£10 (€13) annual levy on each household's insurance premium.

Representatives of the insurance industry have met with the Taoiseach Enda Kenny, Tánaiste Joan Burton and other Cabinet members to discuss how best to deal with the recent damage caused by flooding, and insurance cover for those affected.

Mr Kenny earlier said he wanted answers on why insurance companies are refusing cover in areas where flood defences have been built.

"People are still unable to get insurance for their homes and for their businesses," he said.

"We need to tease that out with the insurance companies. The Minister for Public Expenditure has said there are a number of options, but we cannot have a situation people are left bereft of cover in a situation where flood defences are put in place at public expense", he added.

The insurance industry will report back to the government next week - and Minister Harris says he hopes people will be able to get insurance soon.

Paul Kavanagh, managing director of McCarthy Insurance Group, said earlier  the government needed to convince insurers to cover those in flood-hit areas.

"It's devaluing property as we speak - people were hoping that by putting up the flood defences that they would get hope, but we're not getting any hope from the insurers at present and we need a change of attitude" he said.

"And if there's one thing to come from the meeting between Enda and the chief executives today of the insurance industry is 'lads, we've spent 100 million on those three towns and the other millions we spent on the other towns around the country - please give these people back their flood cover'" he added.

Meanwhile, Sinn Fein says it should become mandatory for insurance companies to offer cover to customers in flood-prone areas.

Gerry Adams says the same principles should apply as are already in place in the motor industry: