Michael McGrath (Cork South Central, Fianna Fail)
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19. To ask the Minister for Finance the steps that will be taken to ensure the attention of all persons is drawn to their rights regarding insurance claims arising from Storm Ophelia; his plans to engage with the insurance industry to ensure that the storm is not used as a cover to further increases in household and business insurance premiums; and if he will make a statement on the matter. [44697/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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At the outset, the Deputy should note that all insurers operating in the Irish market are regulated under conduct of business rules by the Central Bank. Consequently they are required to comply with the Consumer Protection Code which sets out the rights of consumers including how claims are handled.

In relation to the bringing to the attention of policyholders their rights in relation to insurance claims arising from Storm Ophelia, the Competition and Consumer Protection Commission (CCPC) has updated its website accordingly and the information can be found at: https://www.ccpc.ie/consumers/2017/10/18/can-i-make-insurance-claim-storm-ophelia/. 

In addition, my officials have been in touch with Insurance Ireland  about this matter.  In response they have indicated that business insurance policies will provide cover for storm damage to premises and stock.  Such policies will also cover for business interruption which is triggered when there has been storm damage to the premises. They have advised however that it is important for businesses to contact their insurance company or broker after the event and guidance will be provided on making a claim.  

With regard to household buildings and contents insurance, Insurance Ireland has also advised that policies will cover damage caused by storms.  Insurers will usually pay for the cost of temporary repairs, so policyholders should keep receipts.  Insurers will also usually pay for the cost of alternative accommodation, if the home becomes uninhabitable. However, householders should check the full extent of their policies and contact their insurer or broker for further information.

Finally, the Deputy will be aware that I am not in a position to direct insurance companies as to the pricing level or terms or conditions that they should apply in particular cases as  these matters are of a commercial nature, and are determined by insurance companies based on the risks they are willing to accept. However, my own view is that it is too early yet to determine what the impact of storm Ophelia will have on future insurance premiums, so I will be indicating to insurers that they should be careful in rushing to judgement on the need for future price increases.