Michael Fitzmaurice (Roscommon-Galway, Independent)
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182. To ask the Minister for Finance if he can confirm if the Flood Insurance Bill 2021 has been enacted; and if he will make a statement on the matter. [7091/25]

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.

As the Deputy may be aware, the Flood Insurance Bill 2021 was proposed by Deputy John Brady on 20 October 2021. On 15 June 2023, the Government moved a 12-month timed amendment for the Bill owing to a number of potentially significant legal, operational and economic concerns. Following the expiry of the timed amendment in June 2024, the Committee on Finance, Public Expenditure and Reform, and Taoiseach was required to, inter alia, consult with the European Central Bank (ECB) on the Bill. The Dáil was dissolved before this process could conclude.

The new Programme for Government- Securing Ireland’s Future, reinforces the Government’s commitment to protecting Ireland’s present and future generations by investing in climate adaptation measures to manage the impacts of extreme weather. 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.

Recognising the long-term risk of climate change on insurers and insurability, the Department of Finance continues to monitor international developments, engage with the Central Bank of Ireland, the insurance industry and actively participate in cross-departmental working groups on insurance. It is important to note in this regard that the European Commission, IMF, EIOPA and the OECD are separately examining climate risk impacts for insurance and the concept of insurance protection gaps. It is important that developments here align with those across the EU so the Irish market is not ‘out of step’ with others.

Finally, I and Minister of State Troy, along with our officials, will continue to engage on all aspects of insurance reform, including flood cover issues. These matters remain a priority for this Government and efforts continue to be made to encourage a responsive approach from the insurance industry.