Gerald Nash (Louth, Labour)
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367.To ask the Minister for Finance if he is aware of the escalating cost of insurance premiums in relation to thatched buildings and the burden this represents for those who are operating businesses from such premises; the steps his Department is taking to address this issue; and if he will make a statement on the matter.[35482/24]

Jack Chambers (Dublin West, Fianna Fail)
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As the Deputy is aware, neither I nor the Central Bank of Ireland has the authority to interfere with the provision or pricing of insurance products, due to the restrictions imposed by theEU Solvency II Directive. However, the Government is committed to improving insurance price and availability through the ongoing implementation of theAction Plan for Insurance Reform, which aims to benefit householders, individuals, and businesses across Ireland, including thatched buildings.

I understand the significant concerns regarding the escalating cost of insurance premiums for thatched buildings, which present unique challenges within the insurance market. While there is no single solution to the capacity issues in this segment, the Government has taken proactive steps to address these concerns where it can. This issue has been raised directly with the insurance sector in various meetings, and the Government will continue to engage with providers to encourage increased capacity in the market for thatched properties.

In addition to these efforts, the Department of Housing, Local Government, and Heritage (D/HLGH) has undertaken specific and targeted actions aimed at reducing fire risks associated with thatched properties. In November 2022, it produced a detailed fire safety report, which was followed by the publication of "Fire Safety in Thatched Properties" guidelines in October 2023. These provide practical advice for thatch owners to reduce their fire risk. Since the beginning of 2024, D/HLGH has also launched a pilot inspection scheme offering expert advice on safety and fire prevention to thatch owners. My Department has actively disseminated this safety information to insurance companies and other stakeholders, as well as facilitating meetings between D/HLGH officials and insurance representative groups.

Separately, the Government remains focused on implementing theAction Plan for Insurance Reform, which includes efforts to bring further competition into the Irish insurance market. This includes the entry of new providers, which we hope will benefit consumers, including those seeking insurance for non-standard properties. Ensuring a sustainable and competitive insurance market, particularly for thatched buildings, is a key priority for the Government. I assure the Deputy that I will continue to work closely with my colleagues to ensure that theAction Plandelivers tangible benefits for insurance consumers across the country.