Thursday, 16 May 2019
Department of Finance
47. To ask the Minister for Finance the average flood insurance claim for households here; the number of household flood insurance claims in 2018; and if he will make a statement on the matter. [21236/19]
At the outset, it is important to note that while as Minister for Finance, I am responsible for the development of the legal framework governing financial regulation, my Department does not collect the type of information being sought by the Deputy.
My Department contacted Insurance Ireland for any details they might hold on behalf of their members in relation to this matter. Insurance Ireland has however advised my officials that they do not collate, publish or communicate any data relating to claims information at a granular level from their members. However their 2017 Factfile will be published shortly. It will include details on:
- Gross Written Premium;
- Net Written Premium;
- Net Earned Premium;
- Net Incurred Claims;
- Number of Claims Reported;
- Net Underwriting Result;
- Estimated Investment Income; and,
- Estimated Net Operating Result.
The Insurance Ireland 2016 Factfile is available on their website at www.insuranceireland.eu/media/Factfile%202016-Final.pdf.
Insurance Ireland has previously advised that property insurance policies cover a range of perils such as fire, storm, theft, water damage, and that it is not possible for them to isolate the number of burst pipes, fluvial or coastal flooding claim figures. It has however collated figures on severe weather events (storm and flood) in an aggregated form in relation to the number of claims occurred and the gross cost of claims occurred for all property claims. According to the latest data available from Insurance Ireland, the aggregate cost to insurers of adverse weather events for the period 2013-March 2018 is approximately €311 million.
In conclusion, the Government is satisfied that its existing policy and investment in relation to flooding which is focused on the development of a sustainable, planned and risk-based approach to dealing with flooding problems is the best way forward. This commitment is underpinned by a significant capital works investment programme by the OPW and Local Authorities, complemented by the exchange of information with the insurance industry on completed flood defence schemes. This approach should lead to the increased availability of and lower cost for flood insurance and further improve the already high level of coverage in this country compared with many other jurisdictions.