Dáil Éireann Debate, Thursday - 30 November 2017
29. Deputy Maureen O'Sullivan asked the Minister for Finance the status of negotiations with an organisation (details supplied) regarding flood cover particularly in Dublin 1 and 3 in which flood cover is extremely difficult to obtain. [50804/17]
Amharc ar fhreagraI am conscious of the difficulties that the absence or withdrawal of flood insurance cover can cause to homeowners and businesses, and that is one of the reasons the Government has been prioritising investment in flood defences over the last number of years.
However, you should be aware that the provision of insurance is a commercial matter for insurance companies, which has to be based on a proper assessment of the risks they are willing to accept. Consequently, neither the Government nor the Central Bank 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.
Government policy in relation to flooding is focused on the development of a sustainable, planned and risk-based approach to dealing with flooding problems. This in turn should lead to the increased availability of flood insurance. To achieve this aim, there is a focus on:
* prioritising spending on flood relief measures by the Office of Public Works (OPW) and relevant local authorities,
* development and implementation of plans by the OPW to implement flood relief schemes, and
* improving channels of communication between the OPW and the insurance industry, in order to reach a better understanding about the provision of flood cover in marginal areas.
The above approach 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 which should provide a basis for the increased provision of flood insurance in areas where works have been completed. In this regard, the Insurance Ireland/OPW working group, which the Department of Finance attends, now meets on a quarterly basis to support the information flow and improve the understanding of issues between both parties.
While it is not possible for me to comment on individual cases, I have been advised by the OPW that information on the Tolka (East Wall Scheme), the Tolka (Hawthorne Terrace Scheme) , and the Tolka (Richmond Road Scheme) which are all located in Dublin 3, and built to the 1/100 year standard, has been shared with Insurance Ireland under the Memorandum of Understanding mentioned above.
The OPW does not have any schemes underway in Dublin 1, however Dublin City Council has carried out a number of flood alleviation works. In particular, the Tolka Flood Alleviation Project was finished in 2008, from St. Mobhi Road to Annesley Bridge, with a small amount of quay wall strengthening on East Wall Road; the Spencer Dock / Royal Canal tidal lock gates were completed in 2009.
Finally, you should be aware that a consumer can make a complaint to the Financial Services Ombudsman in relation to any dealings with a Financial Services or Insurance provider during which they feel they have been unfairly treated. In addition, individuals who are experiencing difficulty in obtaining flood insurance or believe that they are being treated unfairly may contact Insurance Ireland which operates a free Insurance Information Service for those who have queries, complaints or difficulties in relation to insurance.
