Brian Walsh (Galway West, Fine Gael)
Link to this: Individually | In context

Question 126: To ask the Minister for Finance his views on the provision of Government-backed insurance scheme for the small number of cases in which homeowners are not in a position to purchase adequate insurance cover as a result of previous claims made in respect of flooding; if progress has been made in talks between the Office of Public Works and the Irish Insurance Federation on this subject; and if he will make a statement on the matter. [27113/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

There are no plans to introduce the type of Government backed insurance scheme outlined by the Deputy. The possible introduction of a scheme to protect householders who cannot obtain flood insurance from regular insurance companies was examined in 2010. However, the Government concluded at that time that such an approach was not financially viable. In particular there were concerns that, over time, such a scheme could incentivise the insurance industry to discontinue the provision of flood cover in medium and high risk areas, thereby making the cost of such a scheme prohibitive. I am advised by the Minister of State, with responsibility for the Office of Public Works (OPW), that the OPW has engaged with the Irish Insurance Federation, detailing areas of the country which have benefited from flood protection measures put in place over several decades. In addition, the recently published OPW Preliminary Flood Risk Assessment, as part of the Catchment Flood Risk Assessment Management Programme, has been forwarded to the Irish Insurance Federation for its information. This interchange of data contributes to providing opportunities for the insurance industry to make informed decisions in relation to flood risk cover.