Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I thank the Deputies for the supplementary questions. I acknowledge absolutely the acute costs facing businesses. This issue is very relevant to my previous role. I have met representatives of the Alliance for Insurance Reform already. We had a recent roundtable event for those in the hospitality sector, which they attended. We expect other companies to enter the market. As I laid out, there are negotiations ongoing involving IDA Ireland, but we are really keen to see an increase in the level of risk taken on by existing insurers. They have indicated that they are starting to move into certain areas. As the Deputies will appreciate, I am loath to name individual companies that have moved into the hospitality sector, including the hotel sector. I can give anecdotal evidence. Several years ago, when my wife tried to set up a childcare facility, only one company was quoting, but now there are three. That is key.

With regard to Deputy Stanton's concern about delays in payouts, I am acutely aware of the importance of addressing this for so many businesses, particularly those in flood-affected areas like Midleton in the Deputy's constituency. I will undertake to raise this directly with Insurance Ireland. We have discussed the future of insurance in floodplain areas at great length, particularly in respect of the use of demountables. This is an area on which I am happy to engage further in due course.

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