Dáil Éireann Debate, Thursday - 23 June 2016
48. Deputy Pearse Doherty asked the Minister for Finance the progress made in providing a solution to those persons in areas that have recently flooded whereby they can access flood insurance at affordable prices; and if he will make a statement on the matter. [17537/16]
View answerI am aware of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and the flooding crisis last winter has raised issues in relation to insurance and flooding. However, the provision of insurance cover is a commercial matter for insurance companies and is based on an assessment of the risks they are willing to accept and adequate provisioning to meet those risks.
In my role as Minister for Finance, I have responsibility for the development of the legal framework governing financial regulation. Neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products or have the power to direct insurance companies to provide flood cover to specific individuals or businesses.
To examine the issue of flooding, an Inter-Departmental Flood Policy Co-ordination Group has been established to ensure a whole of Government approach in the area of Flood Policy. The OPW are the lead agency and have responsibility for submitting the final report of the group to Government. Each Department on the Group will submit a report to the OPW with policy proposals in their own area which can directly improve preparation for and response to flooding or strategic policies which impact on people's risk and experience of dealing with flooding.
The Department of Finance is carrying out a review of flood insurance with a particular focus on the strategies that other jurisdictions have implemented to increase the availability of flood insurance cover. This work is examining a number of policy options and within the coming weeks will feed into the final report of the Inter-Departmental Group, chaired by Seán Canney TD, Minister of State with special responsibility for the Office of Public Works and Flood Relief.
