Mr. Michael Horan:

The €1.2 billion that we injected back into the Irish economy following these weather events is the payouts following claims. That is what I referred to when I spoke of the €1.2 billion.

We wish to preserve insurance availability and affordability in Ireland as far as it is possible to do so. The way the equation works is that the Government, through the lead agency, the OPW, manages flood risk, puts in the structural defences where necessary and carries out non-structural measures such as clearing watercourses and drains where necessary, and that enables the insurance industry to provide cover against the risk of flooding.

Overall, compared to other countries, the penetration rate for flood cover in Ireland is high, at 98%. If one looks at other countries, the penetration rate can be as low as 25%. Overall, the market works efficiently, certainly compared to other countries. Ten years ago, when there was flooding in various parts of Dublin - for example, in 2000 and 2002 - remedial measures were taken in some of those areas. Some areas of Dublin where there were problems relating to flood insurance availability ten years ago no longer have those problems.