Dáil Éireann Debate, Tuesday - 24 July 2018
421. Deputy Barry Cowen asked the Minister for Public Expenditure and Reform the outcome of consultation between the Minister of State at the Department of Public Expenditure and Reform with special responsibility for the Office of Public Works and flood relief and an organisation (details supplied) in relation to the provision of insurance in areas protected by demountable flood defence systems; and if he will make a statement on the matter. [34176/18]
Amharc ar fhreagraThe Government’s strategy is that in return to its investment on flood defence schemes in the most at risk communities, households and businesses should be able to access flood insurance.
While the Office of Public Works has no responsibility for oversight or regulation of the insurance industry in relation to flood risk insurance, or to insurance matters generally, the Office of Public Works has a very specific role in the exchange of information with the insurance industry in relation to completed flood defence schemes.
On 24th March 2014, the Office of Public Works agreed a Memorandum of Understanding with Insurance Ireland, the representative body for the insurance companies in Ireland. This Memorandum of Understanding has a specific focus on agreeing a basis on which information can be provided to the insurance industry on flood relief schemes completed by the OPW, to an agreed standard of protection desired by the industry.
The Department of Finance and the OPW meet with Insurance Ireland on a quarterly basis in order to address issues in relation to this transfer of data. Recent meetings, while not exclusively, have focused on the flood cover in areas protected by demountable defences. The insurance sector has acknowledged that demountable defences are designed and when properly erected meet the desired standard. The OPW has given Insurance Ireland detailed information it sought to explain the protocols and procedures in place to maintain, test and erect demountable defences. Discussions are continuing with the Department of Finance to explore options to address the industry’s concerns about the ‘human element’ of demountable defences.
The Memorandum notes the OPW requirement that, when assessing exposure to flood risk, insurers take full account of information provided by the OPW on completed flood defence schemes. The Memorandum does not guarantee the availability of flood risk cover in the locations for which information has been provided by the OPW, and it accepts that the provision of cover, the level of premiums charged and the policy terms applied are a matter for individual insurers.
The next meeting of the group is scheduled to take place in the coming weeks.
