Paul Lawless (Mayo, Aontú)
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76. To ask the Minister for Finance if he will address the sharp rise in home-insurance premiums, with many households seeing increases from €300 to €550 in a single year; the reason insurers are raising prices due to flooding and climate-risk factors even where policyholders have no claims history; the measures he will take to ensure home insurance remains affordable for ordinary homeowners; and if he will make a statement on the matter. [17261/26]

Simon Harris (Wicklow, Fine Gael)
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While neither I as Tánaiste and Minister for Finance, nor the Central Bank, can intervene directly in pricing under EU Solvency II rules, ensuring that consumers have access to affordable insurance cover remains a priority. The Government is firmly committed to addressing the cost and availability of insurance through implementing the reforms set out in the Programme for Government and the Action Plan for Insurance Reform 2025-2029, to delivers tangible improvements in cost, choice, and access for all consumers.

Insurers determine the availability and pricing of coverage based on claim histories, internal risk assessments, and projected future costs. Factors such as inflation in building materials and labour also influence premium levels across the sector. Despite these constraints, Minister of State Troy has met with Insurance Ireland and senior industry representatives to emphasise the Government’s expectation that the benefits of insurance-sector reforms are passed on to consumers.

In addition, the Government is taking a comprehensive and proactive approach to improving competition in the Irish insurance sector, through the efforts of the Office for the Promotion of Competition in the Insurance Market (OPCIM). It continues to play an important role in connecting various stakeholders – insurers, brokers, representative groups, among others – and facilitating engagement on issues relating to the availability of insurance across the market. By broadening the pool of providers, the Government aims to increase choice and improve availability for consumers, businesses, and community organisations alike.

On the subject of insurance coverage for flood and other climate risks, as part of the Action Plan for Insurance Reform, the Department of Finance is currently engaging with multiple stakeholders on the development of a long-term strategic approach to the provision of flood insurance. Officials in the Department of Finance are considering potential solutions to increase the availability and affordability of flood insurance and it is essential that such proposed measures avoid any moral hazard, are cost effective, enhance risk awareness, and do not inadvertently widen the insurance protection gap over time.

For homeowners who are experiencing difficulty securing home insurance at a reasonable price, assistance is available through Insurance Ireland’s Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance. This service can be accessed at: feedback@insuranceireland.eu. In addition, Brokers Ireland has access to a wide range of providers and products, and can offer advice for customers in sourcing cover. Brokers Ireland can be contacted at: 01-661-3067 or at insurancequeries@brokersireland.ie.