Dáil Éireann Debate, Tuesday - 7 March 2023
136. Deputy Aindrias Moynihan asked the Minister for Finance his engagement with the insurance companies that provide home insurance to ensure new-build passive housing can secure home insurance; if he is aware of the difficulties with new flat-roof options for passive housing being declined for home insurance; and if he will make a statement on the matter. [11326/23]
Amharc ar fhreagraAt the outset, it is important to note that neither the Minister of State, the Minister for Finance, nor the Central Bank of Ireland, can intervene in the provision or pricing of insurance products. This position is reinforced by the EU framework for insurance (the Solvency II Directive). Consequently, the Minister is not in a position to direct insurance companies as to how they price their policies or what terms and conditions they apply in those policies.
However, the Government is keenly aware of the impact that insurance costs can have on many groups – including homeowners - and has therefore prioritised insurance reform via the Action Plan for Insurance Reform, applying a whole-of-Government approach to its implementation. Work is progressing well to implement these important reforms, with the last Action Plan Implementation Report showing that 90 percent of the actions have been delivered or initiated. Focus has now moved to implementing the outstanding elements of the Action Plan to increase both the affordability and availability of insurance for all consumer groups. At present Minister of State Carroll MacNeill is involved in an intensive round of meetings with the CEOs of the main insurers and is pressing the need for firms to respond to these specific issues.
Insurers are obliged to assess the risk involved as part of any application for insurance, which will be specific to the individual applicant, and the availability of cover depends on a number of factors. Officials from the Department of Finance have engaged with industry regarding this question and have been informed that flat roofs represent a specific underwriting risk, and that decisions regarding cover for these vary among insurers.
With this in mind, it is important for policyholders to compare with other providers to ascertain if they can get a better consumer-focused deal by switching. It may interest you to know that Insurance Ireland has detailed advice around home insurance on its consumer website, www.understandinginsurance.ie. Insurance Ireland also operates an Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance, which can be accessed at feedback@insuranceireland.eu. Likewise, Brokers Ireland provides assistance to customers who are experiencing insurance accessibility issues, and can be contacted at insurancequeries@brokersireland.ie.
