164. Deputy Eoin Hayes asked the Tánaiste and Minister for Finance if he has reconsidered flood insurance-reinsurance models in light of recent flooding events across the country and if he will make a statement on the matter [10059/26]
Sentiment score: 0.01
In June of last year, I asked the Taoiseach for a Government policy on a flood reinsurance scheme. He said that insurance companies have to do more. The Minister of State, Deputy Troy, corresponded with me on the issue. I thank him very much for that. Essentially, he said a State-backed scheme was impossible in a market like Ireland. Imagine my surprise to read his announcement for businesses and not residential properties last week in the Business Post saying: "It's fair to say that it will require State backing". Will the Minister of State establish the Department's position on flood reinsurance schemes?
Sentiment score: 0.18
Gabhaim buíochas leis an Aire Stáit. With respect, I am not asking about flood defences. I am asking about the reinsurance scheme and a State-backed reinsurance scheme. The article I referenced stated: "Businesses and homeowners within certain pockets of Dublin, such as along the River Dodder, where several flood defence schemes have been developed in recent years, remain unable to obtain insurance." This is a real issue. In the letter the Minister of State sent to me last year, he said: In terms of the provision of flood insurance, please be aware that this is a commercial matter for insurance companies based on an assessment of the risks they are willing to accept. Government cannot interfere with the provision or pricing of insurance or direct as to what cover is provided is reinforced by the EU framework for insurance solvency II directive. Apparently, the State can after all get involved in reinsurance schemes. From the outset, I had issues with the Government's position because the solvency II directive allows for general price controls. Many other countries have done it. Consorcio de Compensación de Seguros in Spain, Caisse Centrale de Réassurance, CCR, state insurance providers in France and even VHI here in Ireland are exempt from the directive. Is it Government evasion and a lack of ambition at play here and not regulatory constraints?
Sentiment score: 0.11
They are not working in my constituency.
Sentiment score: 0.00
The residents of Sandymount, Ringsend, Merrion and coastal communities across Dublin cannot afford another disaster and delayed action from the Government. A Financial Times article from last year and University of Galway's studies have noted that Ireland's coastal cities face huge risks during future storms. Sandymount would have been submerged in approximately 5 m in Storm Éowyn if a high tide occurred at the time. It is time for reinsurance models that include not just businesses but also people's homes to protect people's lives as well as their livelihoods. It is time the Government stopped using the excuses of EU regulation or the insurance companies not doing enough or flood defences having to take care of the risk and get on with the responsibility of protection for the coastal communities that need it in terms of reinsurance schemes. People know what climate change means. It was mostly riverside communities affected in recent weeks, but coastal communities know that they will face some of the most extreme challenges in the future. Will the Minister of State illuminate whether his comments to the Business Post were accurate, whether the Government is considering a State-backed scheme and whether that is something that it will be delivering over the coming weeks and months?
Sentiment score: 0.17