Jen Cummins (Dublin South Central, Social Democrats)
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275. To ask the Minister for Finance for his plans to address the current situation in a residential site (details supplied) in accessing home insurance which is preventing people buying the apartments. [35947/25]

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 you will appreciate, I cannot comment on individual cases or intervene in disputes that individuals may have with their bank or insurance provider.

In relation to the general issue of mortgages, there is a broad legal and regulatory framework which governs the provision of residential mortgage credit to consumers. However, within this general regulatory framework it is then a commercial matter for individual lenders to determine their own lending policies and loan underwriting criteria, including in relation to the nature and type of collateral acceptable for mortgage lending purposes. Therefore, the decision to grant or refuse a mortgage application, or to set any appropriate conditions which will have to be fulfilled in order to drawdown mortgage credit (such as a requirement on the prospective borrower to put in place an appropriate policy of insurance on the property which is to act as security for the mortgage loan) is a business matter for an individual lender.

In terms of the challenges associated with obtaining flood cover, please be aware that the provision of such cover is a commercial matter for insurance companies, based on an actuarial assessment of the risks they are willing to accept. Government cannot interfere in the provision or pricing of insurance, or direct as to what cover is provided, as is reinforced by the EU framework for insurance (Solvency II Directive). Insurance arrangements—whether for an individual or an Owners' Management Company—depend primarily on the contractual relationship between the insurer and the insured. Decisions on whether to offer cover, the level of premiums, and the specific terms of policies are made by insurers on a case-by-case basis.

Insurance Ireland have previously advised that insurers generally consider claims history, local flood risks, and any mitigation works undertaken by the OPW or local authorities when assessing applications. The Government remains committed to protecting Ireland’s present and future generations by investing in climate adaptation measures to manage the impacts of extreme weather.

Under the National Development Plan, €1.3 billion is committed to the delivery of flood relief schemes over the lifetime of the plan to 2030, which will protect around 23,000 properties. To date, 55 flood schemes have been completed at a cost of €550 million, protecting over 13,000 properties and delivering an estimated €2 billion in avoided damages.

Consumers seeking further guidance can visit www.understandinginsurance.ie or contact Insurance Ireland at 01-676-1820 / for detailed information about insurance premiums or additional assistance. Brokers Ireland also offers support and access to a wide range of insurance products via 01-661-3067 / .

The Department of Finance will continue to monitor and assess flood insurance matters, including through its participation in the OPW and Insurance Ireland Working Group. I wish to assure the Deputy that these matters remain a priority for this Government and efforts continue to be made to encourage a responsive approach from the insurance industry.