Kevin Humphreys (Dublin South East, Labour) | Oireachtas source

Last Sunday was the 12th anniversary of the flooding of more than 400 homes in Ringsend and Irishtown. The issue of flood insurance has been on the agenda for those 12 years. Hundreds of my constituents can see the Aviva stadium on the horizon when they leave their homes every morning but they cannot get flood insurance from Aviva or any other company. Geocoding has been a disaster for Dublin and across the country because people can no longer get insurance for their properties. Action is urgently needed. In March 2013, the Joint Committee on the Environment, Community and the Gaeltacht heard that more than 50,000 homes were no longer able to get flood insurance. I would estimate the current figure to be closer to 100,000 hard-pressed homeowners, who are being discriminated against by the insurance industry. I am concerned that a cartel is forming to the effect that local households and business owners who have been geozoned cannot get flood insurance. In my constituency, the OPW has spent €15 million on flood defences and it is due to spend a further €10 million on the stretch from Ballsbridge to Clonskeagh. Even when this work is finished, however, the residents in the area will not be able to get flood insurance. In the UK there is an agreement with insurance companies whereby in return for the UK State's investment in flood defences, companies will continue to offer cover to homes at risk. Every pound invested in flood defences in the UK saves the insurance industry £7. We are investing the money but we are not getting the return. The Minister of State suggested on "Prime Time" last night that the State may consider becoming insurer of last resort. I ask him to update the house on that suggestion.

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