Paul Kehoe (Wexford, Fine Gael)
Link to this: Individually | In context | Oireachtas source

398. To ask the Minister for Finance the regulations that are in place to ensure that a landlord can get insurance cover on their property when the property is being sublet to a local authority; and if he will make a statement on the matter. [30191/22]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

At the outset it is important to note that neither I, nor the Central Bank of Ireland can direct the pricing or provision of insurance products, as this is a commercial matter which individual companies assess on a case-by-case basis. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive) which expressly prohibits Member States from doing so.

It is my understanding that insurers use a combination of rating factors in making their individual decisions on whether to offer cover and what terms to apply. Insurers do not all use the same combination of rating factors, prices vary across the market and consumers are free to choose between providers. It is also my understanding that insurance companies consider their pricing structure in accordance with their own past claims experience.

I would note that the second Implementation Report of the Action Plan for Insurance Reform, published in March this year, showed that insurance reform is progressing well, with some 80% of actions in the Plan now being delivered, and the remaining initiated. It is my hope that the cumulative impact of these reforms will be to improve both the cost and availability of insurance for businesses, as well as consumers and other groups – including landlords.

It may interest the Deputy to know that Insurance Ireland, the representative body for insurance providers in this country, operates an Insurance Information Service for those who have queries, complaints or difficulties in relation to insurance, which can be accessed at: feedback@insuranceireland.eu. Likewise, Brokers Ireland provide assistance to customers who are experiencing insurance accessibility issues; they can be contacted on insurancequeries@brokersireland.ie.

Finally, I would highlight that the issue of local authority and social housing more generally falls under the remit of the Minister of Housing, Local Government and Heritage, while policy in respect of rent supplement payments and Housing Assistance Payments is the responsibility of the Minister for Social Protection.