As the Deputy is aware, neither I, nor the Central Bank of Ireland, can interfere in the provision or pricing of insurance products. This is set out in the EU framework for insurance – the Solvency II Directive – and limits the actions that Government can take in relation to insurance for thatched properties. Nevertheless, I can assure the Deputy that this Government is committed to improving the cost and availability of insurance for all consumers, businesses and community groups across the State.
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 latest Action Plan Implementation Report shows that of the vast bulk of these are either initiated or ongoing.
Separate to this, the Department of Housing, Local Government and Heritage (D/HLGH) earlier this year produced a report on fire safety in thatched structures. This found a high incidence of fire in thatched buildings in Ireland and highlighted research indicating that the great majority of such events stem from a small number of causes, particularly solid fuel stoves. It outlined a number of relatively straightforward measures which should help substantially mitigate this risk. If the incidence of fire can be reduced, it is reasonable to expect that the improved risk profile will feed through to lower premiums. As the Deputy will be aware, this fire risk to thatched properties has consistently been highlighted by insurers as a barrier to providing possible cover. Therefore, fire prevention remains the most impactful way to improve the insurance situation for the owners of such properties.
My officials have disseminated this information directly to the relevant stakeholders in the insurance industry, in order to help develop a more balanced view of providing cover for thatched buildings. In addition, D/HLGH is currently developing public guidance based on the report findings, which will assist owners of thatched properties to reduce the identified risk posed by fire. Furthermore, it also operates a number of schemes which are designed to help with conservation works to thatched buildings and other historic structures for the broader benefit of local communities and the wider public. Enquiries in relation to these grants should be directed to that Department.
In addition, the Office to Promote Competition in the Insurance Market, which is chaired by Minister of State Carroll MacNeill, continues to engage with various stakeholders on this issue. It was discussed during her engagement with insurance CEOs earlier this year, and will feature in her upcoming round of meetings with the main firms in the Irish market. Minister of State Carroll MacNeill also met with Minister of State Noonan from D/HLGH and his officials directly to discuss the matter in May.
In conclusion, 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, including for thatched properties, remains a key policy priority for this Government.
