Claire Kerrane (Roscommon-Galway, Sinn Fein)
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69. To ask the Minister for Finance the protections that exist for homeowners in cases in which an insurance company (details supplied) refuses to insure a property; if he will examine this matter; and if he will make a statement on the matter. [58206/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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Current Government policy in relation to increasing flood insurance coverage is focused on the development of a sustainable, planned and risk-based approach to managing flooding problems. Accordingly, €1.3 billion has been committed to the delivery of flood relief schemes over the lifetime of the National Development Plan (NDP) to 2030. This will protect approximately 23,000 properties across various communities from river and coastal flood risk.

This approach is complemented by a Memorandum of Understanding between the Office of Public Works (OPW) and industry representatives, Insurance Ireland. The Departments of Finance; Housing and Local Government; and other stakeholders engage constructively with this process, including on how the levels of insurance cover might be improved in areas where flood defence works have been completed.

As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. The provision of cover is a separate commercial matter for insurance companies based on an assessment of the risks they are willing to accept. Consequently, neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as reinforced by the EU framework for insurance (Solvency II Directive).

From previous engagements with my officials, Insurance Ireland, the representative body for insurance providers in this country, has advised that that its members do not use OPW flood maps to inform its risk modelling. Instead, insurers use their own methodologies, including taking into consideration the historic claims experience and flood protection measures when deciding on what underwriting action to pursue. In relation to flood risk management and flood maps, the OPW is the relevant authority on this matter.

It may also interest you to know that Insurance Ireland operates an Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance, which can be accessed at feedback@insuranceireland.eu. Likewise, Brokers Ireland, the representative body for insurance brokers in Ireland, can be contacted. They have access to a wide range of providers and products and can offer advice for customers in sourcing cover. They can be reached at 01 6613067.

Furthermore, where somebody feels a particular insurance provider has treated them unfairly, they have the option of making a complaint to the Financial Services and Pensions Ombudsman (FSPO). The FSPO acts as an independent arbiter of disputes that consumers may have with their insurance company or other financial service provider. The FSPO can be contacted either by email at info@fspo.ie or by telephone at 01-567-7000.

Finally, please be assured that both I and Minister of State Fleming will continue to engage on all aspects of insurance reform, including flood cover issues, and that every effort is being made to encourage a responsive approach from the insurance industry.