Paul Nicholas Gogarty
Question:147 Mr. Gogarty asked the Tánaiste and Minister for Enterprise, Trade and Employment if the methods used by insurance companies in assessing flood risk will be investigated. [8673/03]
Written Answers - Insurance Investigations.
Paul Nicholas Gogarty
Question:148 Mr. Gogarty asked the Tánaiste and Minister for Enterprise, Trade and Employment if claims that insurance companies are hiking up home insurance rates in Finnstown Estate in Lucan will be investigated, in view of the fact that major flood alleviation works have taken place and that neither Finnstown Abbey or Finnstown Priory, which constitute four-fifths of the estate, have had any areas flooded whatsoever. [8674/03]
I propose to take Questions Nos. 147 and 148 together.
Although my Department is responsible for supervision of insurance companies here, EU law prevents Governments from intervening in relation to premium levels or risks that insurers are prepared to underwrite. Insurers generally make decisions about whether they are prepared to quote for a particular risk, and if so, at what premium level, based on their underwriting experience or assessment of that risk in the market. I have referred the matter raised by the Deputy to the insurance representative body, the Irish Insurance Federation.