Dáil Éireann Debate, Thursday - 13 November 2014
77. Deputy Barry Cowen asked the Minister for Public Expenditure and Reform if he will provide an update on the transfer of information between the insurance industry and catchment flood risk assessment and management; the timeframe on the future implementation of information exchanges, if he has considered mandatory insurance based on the UK Flood Re model; and if he will make a statement on the matter. [43617/14]
View answerIn March 2014, a Memorandum of Understanding (MoU) was signed between Insurance Ireland, the representative body for the insurance industry in Ireland, and the Office of Public Works (OPW). This Memorandum sets out principles of how the two organisations will work together to ensure that appropriate and relevant information on completed OPW flood defence schemes is provided to insurers to facilitate, to the greatest extent possible, the availability to the public of insurance against the risk of flooding. The MoU came into effect on 1 July, 2014 with an initial tranche of data provided by the OPW to Insurance Ireland in respect of 12 completed flood defence schemes and showing the design, extent and nature of the protection offered by these works. Work is ongoing to prepare further data sets on completed flood defence schemes for transfer to Insurance Ireland. The arrangements set out in the MoU represent an ongoing process which, over time, should lead to an improvement in the availability of flood insurance cover. The MoU and further information on the process is available on the OPW website www.opw.ie
This provision of information to Insurance Ireland on completed flood relief schemes in the context of the MoU is separate from the Catchment Flood Risk Assessment and Management (CFRAM) Programme. Under this programme, detailed flood hazard maps for 300 at risk communities throughout the country are being produced which, following public consultation, will be made available publicly. Insurance companies will have access to the maps and to the information they contain in relation to flood risk. A series of informal public consultations is now under way on the draft flood hazard maps. A statutory public consultation process will commence shortly, leading to the finalisation of the maps and the development of draft Catchment Flood Risk Management Plans later in 2015. These Plans will include an examination of all possible options to address the flood risk in the location in question and will recommend an integrated set of measures, both structural and non-structural, as appropriate, to deal with and manage the risk.
The Office of Public Works has no role or function in relation to oversight or regulation of the insurance industry. Any question of mandatory flood insurance would be a matter for the Minister for Finance.
