merrion street

Earlier today (08-Sept-2017) at the OPW Offices in Dublin, at Minister Michael D’Arcy’s request, both he and Minister Moran met with Insurance Ireland and representatives of the majority of insurers in Ireland.
In what was a concise, constructive and frank exchange, which did take strong account of the localised yet serious flood event in Donegal last month, various pressing issues were raised. Prominent in discussion and the priority action point arising was the commissioning of a speedy investigation into innovative insurance products which can respond to the challenges of climate change and State-sponsored mitigation programmes – as undertaken by the Office of Public Works. Both Ministers will review findings on this action no later than six weeks from now.
Both Ministers welcomed the commitment made by Industry to accelerate the process of adapting the flood insurance market to the government’s programme of environmental enhancements with the goal of providing reasonably priced cover for homes and businesses.
Commenting on the meeting outcomes, Minister D’Arcy welcomed, “the response to events in Donegal as a sign of improving response services, we must continue to build on this and seek innovative solutions to adapt to the changing meteorological realities.”
Minister Moran commented, “The Government has invested €285 million in major flood defence schemes since 1995 and are built to the standard required by the insurance industry. This investment is protecting approximately 8,000 properties with an estimated benefit to the country of damage avoided of over €1 billion. I would like to see industry providing a quicker and higher return to this significant investment through increased insurance coverage.”
Officials convened immediately after the conclusion of the meeting to advance action points with industry.
This work will complement the ongoing intensive dialogues between public and private sector stakeholders both in the areas of flood remediation and prevention, and insurance sector reform. Noting the latter area Minister D’Arcy said,
“The recent CSO data showing a 14% year-on-year decrease in motor insurance premiums is a welcome sign of market stabilisation. This indicator will renew the drive to implement the findings of the government action plan through my chairing of the Cost of Insurance Work Group.”