Dáil Éireann Debate, Thursday - 21 September 2023
141. Deputy Catherine Murphy asked the Minister for Finance if he will devise some form of insurance support for people who own defective apartment blocks; and if he will make a statement on the matter. [40874/23]
View answerAt the outset, it is important to state that neither I, as Minister for Finance, nor the Central Bank of Ireland can direct the pricing nor provision of insurance products. This is a commercial matter which individual companies assess on a case-by-case basis. This is due to the EU Single Market framework for insurance (the Solvency II Directive) which specifically prohibits Member States from doing so. Therefore, Government faces significant constraints in addressing the matter raised by the Deputy.
Notwithstanding this, officials from my Department have engaged with the Department of Housing, Local Government and Heritage on this issue. They have informed me that a remediation scheme is being developed to address identified defects in apartment blocks and duplex buildings. I understand that a new post-remediation certification process is also being created, which should provide certainty to insurers once the project is complete.
In addition, the Defective Concrete Blocks Grants Scheme was established under the auspices of the Department of Housing in June 2020 and updated in July 2023. This provides for homeowners to claim a grant of up to 100% of remedial costs subject to the grant rates and overall grant cap of €420,000 (including demolition and rebuild), subject to meeting eligibility requirements, and is available through local authorities. Any queries relating to this or on building regulations generally should be directed to that Department.
Government has also prioritised the reform of the insurance environment in Ireland through implementation of the Action Plan for Insurance Reform, which aims to improve the cost and availability of insurance for all households, businesses and voluntary groups. Very significant progress has been achieved, with the vast bulk of the 66 actions contained in the Action Plan now delivered or ongoing. Government is now focussed on consolidating the successes already secured, such as the Personal Injury Guidelines and the recent overhaul of the Duty of Care, both of which should assist in the creation of a more competitive insurance market, which will benefit all citizens.
In conclusion, I wish to reassure you that it is my intention to continue to work with my Government colleagues to ensure that Government reforms of the insurance environment in Ireland will have a positive impact on the affordability and availability of insurance for all consumers across the country.
