Mr. Brian Hayes, TD, Minister of State at the Department of Public Expenditure and Reform with special responsibility for the Office of Public Works (OPW), together with Mr. Kevin Thompson, CEO of Insurance Ireland (II) today (24 March 2014) announced details of a Memorandum of Understanding (MoU) between the Office of Public Works and Insurance Ireland on the exchange of information on flood defence works.
The Memorandum of Understanding outlines the principles of agreement between the OPW and Insurance Ireland on the information being provided and how it will be used by the insurance industry. The Office of Public Works will provide Insurance Ireland with data on all completed OPW flood defence schemes which will show the design, extent and nature of the protections offered by these works. Insurance Ireland members will then take into account all information provided by the OPW when assessing exposure to flood risk within these areas from 1 June 2014.
Speaking today, Minister Hayes stated "This is an important day for those in areas where flood defences have been provided by OPW as my Office and Insurance Ireland are working together to ensure that the flood defence works undertaken in recent years are now being taken into account by the insurance industry. There has been substantial investment of €370m by the State in all parts of the country on flood relief works since 1995 with over 10,500 properties protected and benefits estimated at more than €1 billion in damage and losses avoided. It is important that the benefits of that investment are felt by all members of those communities. My Office will continue to work with Insurance Ireland on the ongoing exchange of information on these schemes as they are completed and I am confident that this will lead to a greater availability of insurance to those who currently find it difficult to get."
Kevin Thompson, CEO of Insurance Ireland stated " Insurance Ireland is pleased to announce the signing of a Memorandum of Understanding (MoU) with the Office of Public Works (OPW) which will see the OPW sharing flood defence data with Insurance Ireland so that insurance companies can take this data into account when assessing flood risk. This MOU is the start of a process which will help our members make flood insurance more widely available in areas benefiting from flood defences built to the desired standard of 1:100 years. Insurance Ireland will continue to work closely with the OPW and the Government on these matters. There have been nine major floods costing approximately €750m in claims since 2000. The increased frequency of flooding in recent years highlights the need for action to be taken now in the affected areas so that flood defences are constructed as quickly as possible."
Minister Hayes stated " Insurance companies make assessments on the risk they are accepting on a daily basis. Comprehensive data in respect of 12 completed schemes has been provided by my Office to Insurance Ireland and companies will be in a position to use this information from 1June 2014. This, together with the continuing State investment of €225m between 2012-2016 on flood defence works and the development by my Office, of a comprehensive assessment of flood risk in the country through flood maps and flood risk management plans (CFRAM) will go a long way towards alleviating the risk of flooding throughout the country".
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For further information or if you wish to interview Minister Brian Hayes, please contact Colette Davis, OPW Press Officer at 046 9426128 or 087 9475552 or colette.davis@opw.ie
For further information on Insurance Ireland and its activities, please contact Jane O’Driscoll PR and Communications Manager at direct: 01 6447781 or mobile: 087 9795369 or jane.odriscoll@insuranceireland.eu
Notes to Editors:
The Memorandum of Understanding (MoU) is the outcome of ongoing discussions between the Office of Public Works (OPW) and Insurance Ireland (II) on the provision of information on completed OPW flood defence schemes in line with Insurance Ireland requirements so that insurers can take this information fully into account when assessing risk in respect of private dwellings and small businesses.
Insurance Ireland, which is the representative body for insurance companies in Ireland, was previously known as the Irish Insurance Federation.
OPW has provided details of 12 schemes to Insurance Ireland as follows:
Clonmel (River Suir)
Dublin (River Dodder Tidal)
Dublin (River Tolka)
Dublin Fingal (River Tolka)
Duleek (River Nanny)
Dunmanway ( River Bandon)
Ennis (River Fergus Upper)
Fermoy (River Blackwater)
Kilkenny City (River Nore)
Meath (River Tolka)
Mornington (River Mornington)
Tullamore (River Tullamore)
The use of the information by Insurance Ireland members will commence on 1 June 2014 to allow time for the data to be integrated into insurers' systems.