Insurance Industry
Dail Éireann — 2026-02-10
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Robert Troy (FF), Longford-Westmeath

The Deputy mentioned particular areas where flood defences have been put in place but flood insurance cover remains problematic. That is a big concern because the Government has invested tens of millions of euro in permanent flood defence mechanisms but the insurance companies have not responded adequately. I met the Minister of State, Deputy Moran, earlier today and am due to meet with the Minister of State, Deputy Cummins, next week to discuss ensuring that outstanding service level agreements that are in place are adhered to in order to give insurance companies confidence to come in and provide insurance where the State has made the necessary investment.
The Deputy also mentioned Flood Re, a scheme that is in operation in the UK. The Department of Finance explored that scheme back in 2016 but at that time it was felt that it was not a good fit for Ireland. However, in the context of the new action plan on insurance reform, the Department is re-evaluating that scheme, as well as looking at other international models to see how they can feed into the work that is ongoing here from an Irish perspective. The Central Bank, the Department of Finance, the OPW and the insurance companies, through Insurance Ireland, are coming together in March to examine what options we can look at implementing from an Irish perspective that will fit our model here.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-02-10/debate/main
Retrieved: 2026-08-14T04:54:36+00:00
Sitting date: 2026-02-10