Pat Buckley (Cork East, Sinn Fein)

I welcome the opportunity to speak on this Private Members' business. I commend Deputy Doherty on the tireless work he has done on this and on holding the insurance companies to some bit of account. We did not get many answers from the Minister of State. Many households who have had their renewal notices pop through their letterboxes in recent months have been shocked by huge hikes of 10% or more in their premiums, despite not having made a claim.

This is nowhere more true than in my own hometown of Midleton. I have met with, talked to and campaigned with residents who have been hit with massive increases in their home insurance premiums due to living in a flood-affected area. I spoke to one particular family who lives in a estate called Forrest Hill, which is on a hill overlooking the town of Midleton. I actually rang the insurance company on the family's behalf and was told that it was a flood risk. Considering Forrest Hill's height above Midleton, a flood there would mean Midleton being wiped out. There is definitely a bit of a scandal and a farce going on. There has been a lot of anger, frustration and despair among these residents, who are working harder and harder but are being absolutely hammered by soaring prices. They simply cannot keep up with these costs, which are out of control.

To add insult to injury, approximately 600 residents and businesses in east Cork whose homes and premises were badly damaged by Storm Babet in October 2023, when a month's worth of rain fell in less than 24 hours, are now being told by their insurance companies that their policies are no longer valid, turning every weather warning or incident of heavy rain into a dread-infused panic. Despite 2,500 applications for flood defences in Midleton, only 344 barriers have been rolled out.

Insurance companies have residents over a barrel and, if you live in east Cork, your choice seems to be between being left without insurance and constantly worrying about the risk to your home or paying astronomical insurance premiums. This is not a choice anyone should have to make. It is deeply unfair. Never mind the risk of flooding for rural homeowners, who face longer waits for the fire brigade, the ambulance and other vital emergency services and who also face higher premiums in comparison with city dwellers. Meanwhile, the insurance industry has generated huge profits by ripping off struggling families right across the country. Simply put, insurance companies are in the wrong and need to be called out. It is time to end the insurance rip-off and reduce prices for customers. Insurance costs in the country have been too high for far too long. It is time to ensure that all customers are treated fairly.

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