Dáil Éireann Debate, Thursday - 16 September 2021
194. Deputy Duncan Smith asked the Minister for Finance if his attention has been drawn to insurance companies refusing house insurance to homes along river courses throughout the State in ever growing numbers; his plans to address same; and if he will make a statement on the matter. [44305/21]
Amharc ar fhreagraIt is my understanding that a high proportion of Irish property insurance policies include flood cover. This has been confirmed by a survey recently conducted by the Central Bank of Ireland. That being said, it is recognised that some householders in specific areas or due to certain circumstances are still experiencing difficulties in securing such cover. As such, I have asked my officials to monitor the development you have mentioned, and engage with Insurance Ireland on the matter.
However, you should be aware that the provision of insurance is a commercial matter for insurance companies, which is based on an assessment of the risks they are willing to accept. Consequently, neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (Solvency II Directive).
Current government policy in relation to increasing flood insurance coverage is primarily focused on the development of a sustainable, planned and risk-based approach to managing flooding problems. Almost €1 billion in flood relief measures is being invested over the lifetime of the National Development Plan 2018-2027. The Department of Finance will continue to engage with the OPW, Insurance Ireland and other stakeholders regarding the levels of flood cover being provided. Finally, the Deputy should be assured that Minister of State Fleming and I will continue to proactively engage on all aspects of insurance reform including flood insurance issues.
