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Insurance Coverage

Dáil Éireann Debate, Tuesday - 30 January 2018

Tuesday, 30 January 2018

Ceisteanna (148)

Maureen O'Sullivan

Ceist:

148. Deputy Maureen O'Sullivan asked the Minister for Finance if he has had discussions recently with a group (details supplied) regarding continued difficulties faced by persons in Dublin 3 obtaining home insurance due to the fact they live in areas of flooding but parts of which were never flooded; and the locations in which extensive flood prevention works have been carried out. [4150/18]

Amharc ar fhreagra

Freagraí scríofa

I 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 I have not discussed the issue of flooding in Dublin 3 directly with Insurance Ireland, my officials on the aforementioned working group are in regular contact with both Insurance Ireland and the OPW regarding proposed and completed flood defence schemes and how the levels of insurance cover might be improved in areas where flood defence works have been completed.

You should also note that I have been advised by the OPW that in relation to the schemes located in Dublin 3 (The Tolka - East Wall Scheme, the Tolka - Hawthorne Terrace Scheme, and elements of the Tolka - Richmond Road Scheme) that all have been built to the 1/100 year standard, and that information in relation to these schemes has been shared with Insurance Ireland under the Memorandum of Understanding. I have also been informed that Dublin City Council are currently progressing flood relief works in Dublin 3.

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.

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