Dáil Éireann Debate, Thursday - 29 September 2016
44. Deputy Michael McGrath asked the Minister for Finance the status of the flood insurance models considered by his Department; the preferred option and timeframe for its implementation; and if he will make a statement on the matter. [27551/16]
Amharc ar fhreagraThe 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.
Government policy in relation to flooding is focused on the development of a sustainable, planned and risk-based approach to dealing with flooding problems, with a view to addressing the increased availability of flood insurance.
To achieve this aim the Office of Public Works (OPW) is carrying out assessments of 300 areas under the Catchment Flood Risk Assessment and Management (CFRAM) programme and each area is on target to have a Flood Risk Management Plan (FRMP) by the end of 2016. Decisions on future investment in relation to flood risk management will be informed by the FRMPs.
This strategy is complemented by a Memorandum of Understanding between the OPW and Insurance Ireland which provides for the exchange of data in relation to completed flood defence schemes.
An Inter-Departmental Flood Policy Co-ordination Group has been established to examine the issue of flooding, and to ensure a whole of Government approach in the area of Flood Policy. This Group is chaired by me with special responsibility for the OPW and Flood Relief. The OPW are the lead agency and have responsibility for co-ordinating and submitting the final report of the group to Government.
As an input to the Inter-Departmental Group's work the Department of Finance has carried 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 examined a number of policy options and has made certain recommendations. The report has been provided to OPW to feed into the final report of the Inter-Departmental Group. A further meeting of the Interdepartmental Group was held earlier this week to finalise the report which is expected to be brought to Government in the coming weeks.
