Dáil Éireann Debate, Thursday - 16 June 2022
187. Deputy Mattie McGrath asked the Minister for Finance the immediate steps that his Department is taking to ensure that those with thatched properties can obtain insurance; the supports that are available to owners of thatched properties in cases in which they are currently unable to obtain insurance to ensure that they can insure their properties; and if he will make a statement on the matter. [31522/22]
Amharc ar fhreagraFirstly, it is important to note that neither I, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products, which is a commercial matter for insurance providers. This is expressly prohibited by the EU’s Solvency II framework. However, I can assure the Deputy that Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups. This includes niche sectors such as thatched properties.
The whole-of-Government approach being taken through the Action Plan for Insurance Reform sets out 66 actions which aim to improve both the cost and availability of this key financial service. The Second Implementation Report shows that 80 per cent of these actions have been delivered. Government’s focus will now move to delivering the remaining elements.
One of the signature achievements of the reform agenda is the implementation of the Personal Injury Guidelines, which significantly reduce awards for a range of injuries, particularly of soft tissue. At the same time, the Department is working with the IDA to broaden the supply of insurance in the market, including in areas which have been identified as ‘pinch-points’, such as that highlighted by the Deputy. The IDA has commenced a multi-phased engagement process with targeted overseas underwriters and will seek to leverage the developments of the Government insurance reform agenda to date.
I have previously raised the issue of thatched roof properties with both Insurance Ireland and Brokers Ireland in meetings with them. Brokers Ireland has informed me that it has a dedicated information service for people having insurance issues with their thatched roof properties and has established a special email address to deal with these queries, which is thatchedroofqueries@brokersireland.ie
Details on available support schemes for thatched properties, such as the thatching grant, are best addressed to the Department for Housing, Local Government and Heritage. Under Action 6 of the government strategy A Living Tradition: a strategy to enhance the understanding, minding and handing on of our built vernacular heritage published in December 2021, the Department for Housing, Local Government and Heritage will be conducting a consultation on the issues relating to the insurance of thatched properties in Ireland. This will investigate and work to resolve the issue of affordability and availability of insurance for thatched buildings.
Finally, I would like to take this opportunity to assure the Deputy that securing a more sustainable and competitive market through deepening and widening the supply of insurance in Ireland remains a key policy priority for this Government and that I will continue to work towards this objective with my colleagues.
