The Department of Finance has overall responsibility for policy matters in relation to insurance, including flood insurance.
The Department of Finance engages with the insurance industry on all aspects of insurance reform, including flood cover issues. These matters are a priority for the Government and efforts continue to be made to encourage a responsive approach to the provision of flood insurance from the insurance industry. The Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance has met with the CEOs of the major insurers where he strongly emphasised to industry the need to take a reasonable approach to the provision of cover where properties are proven to be in low risk areas, including after investment in flood defences.
The OPW has a role to assist insurance companies to take into account the protection provided by completed flood defence schemes. In this regard, the OPW has a Memorandum of Understanding (MoU) with Insurance Ireland, the representative body of the insurance industry. The MoU sets out principles of how the two organisations work together to ensure that appropriate and relevant information on these completed schemes is provided to insurers to facilitate, to the greatest extent possible, the availability to the public of insurance against the risk of flooding.
While the MoU does not guarantee the availability of insurance, Insurance Ireland members have committed to take into account all information provided by the OPW when assessing exposure to flood risk within these protected areas. The decision on whether to offer insurance, the level of premiums charged and the policy terms applied are matters for individual insurers. Insurance companies make commercial decisions on the provision of insurance cover based on their assessment of the risks they would be accepting on a case-by-case basis. Neither the Minister for Finance or the Central Bank of Ireland can direct the provision or pricing of insurance products, in accordance with the EU framework for insurance (Solvency II Directive).
Insurance Ireland operates an Insurance Information Service for those who have queries, complaints or difficulties in relation to obtaining insurance, which can be contacted at 01 676 1820 or feedback@insuranceireland.eu. Similarly, Brokers Ireland, the representative body for insurance brokers in Ireland, has access to a wide range of providers and products, and can offer advice for customers when sourcing cover. Brokers Ireland can be reached at 01 661 3067. Furthermore, where an individual considers that they have been treated unfairly, they have the option of making a complaint to the Financial Services and Pensions Ombudsman (FSPO). The FSPO can be contacted either by email at info@fspo.ie or by telephone at 01 567 7000.
