Dáil Éireann Debate, Wednesday - 11 February 2026
86. Deputy Michael Cahill asked the Tánaiste and Minister for Finance if he will intervene and come to the assistance of families who are finding it impossible to get home insurance; and if he will make a statement on the matter. [10924/26]
View answerAs Tánaiste and Minister for Finance, I have policy responsibility for the development of the legal framework governing financial services regulation, including for the insurance sector. The issue of homeowners who are unable to secure insurance is one the Government recognises as deeply challenging for affected households.
Insurance companies operate independently when determining the availability and pricing of their products, and neither I, as Tánaiste and Minister for Finance, nor the Central Bank of Ireland has the legal authority to compel insurers to offer cover for specific risks. These restrictions derive from the EU’s Solvency II Directive, which expressly prevents Member States from intervening in insurers’ pricing or underwriting decisions.
Insurers rely on their own claims’ histories, risk assessments, and cost projections when deciding whether to provide cover. Factors such as inflation in building materials and labour are also influencing premium levels across the sector. The Government is also 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). The OPCIM continues to prioritise increased competition and capacity across the insurance sector and plays a key role in engaging with insurers, brokers and a wide range of sectoral representatives to address gaps in insurance availability and encourage new market entrants.
In the context of Storm Chandra and recent flooding events, I would like to acknowledge the serious damage caused, and the impact these events have had on families, communities, and businesses across Ireland.
A total of €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.
Where Government has invested in flood defences, industry should improve the level of cover in areas where flood defences exist. In order to address the issue of flood coverage levels in areas with demountable defences, continued engagement with all relevant stakeholders is key. Officials in my Department, the OPW and the Department of Housing Local Government; along with other stakeholders engage constructively with this process on how the levels of insurance cover might be improved in areas where flood defence works have been completed.
Homeowners having difficulty obtaining insurance, flood or otherwise, should note that assistance is available through Insurance Ireland’s Information Service and Brokers Ireland. Brokers Ireland has access to a wide range of providers and products and offers advice for customers in sourcing various types of cover. Additionally, Insurance Ireland operate an Insurance Information Service for those who have queries, complaints, or difficulties in relation to obtaining insurance.
The Government is firmly committed to addressing the cost and availability of insurance, including home insurance, through its insurance reform agenda and will continue to engage with industry to encourage a responsive approach.
