Richard Bruton (Dublin Bay North, Fine Gael)
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19. To ask the Minister for Finance if he has had discussions with the insurance industry regarding the withdrawal of flood cover in locations in which mapping has revealed a long-term vulnerability to flooding from rising sea levels; and if a protocol is in place to ensure that householders can benefit in insurance costs when substantial flood alleviation investments are made by the Office of Public Works. [61104/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. It should be noted that the provision of insurance cover and the price at which it is offered is a commercial matter for those providers and is based on an assessment of the risks they are willing to accept. Therefore, under the EU Solvency II Directive, neither the Minister for Finance nor the Central Bank can compel insurers to provide such cover. The insurance industry has informed the Department that firms examine the claims history of the individual risk, the risk of flooding in the area and consider any flood protection measures when deciding what underwriting action to take.

Government policy in relation to flooding is focused on the development of a sustainable, planned and risk-based approach to dealing with this issue. The cornerstone of this is the €1.3 billion committed to the delivery of flood relief schemes over the lifetime of the National Development Plan (NDP) 2021-2030. Where defences have been built, there is the reasonable expectation that insurers will provide cover.

Please be advised that discussions on flood cover with the insurance industry do take place as part of the OPW-Insurance Ireland Memorandum of Understanding Working Group that meets on a regular basis. The Department participates in this OPW chaired group along with Insurance Ireland, the Department of Housing and Local Government and other stakeholders. These discussions focus on how the levels of insurance cover might be improved in areas where flood defence works have been completed.

Separately, the Department has regular meetings with Insurance Ireland on a range of insurance-related issues including flood cover. The Department of Finance will continue to monitor and assess the provision of flood cover, including the impact of climate change on insurance over the long term.

Finally, please be aware 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.