Minister Kevin 'Boxer' Moran TD has called on insurance companies to accelerate the rate of insurance cover to areas protected by OPW flood defence schemes.
Minister of State with special responsibility for the Office of Public Works and Flood Relief, Kevin 'Boxer' Moran TD has called on insurance companies to accelerate the rate of insurance cover to areas protected by OPW flood defence schemes.
Minister Moran made the comments during a meeting on Friday that was also attended by Michael D’Arcy TD, Minister of State at the Department of Finance and representatives of Insurance Ireland.
Minister Moran stated he was concerned at the current delay of up to 21 months from the date the OPW provides data on completed flood relief schemes for the increase in insurance cover to be fully apparent. “As Minister responsible for Flood Relief, I would like to see Insurance Ireland come forward with a new model of cover for homeowners once schemes are completed that would see this 21 month delay greatly reduced.”
In its latest report the Working Group indicated that in 16 of the areas protected by OPW flood defence schemes, on average 83% of these homes have flood insurance. This average varies between 90% of the homes protected by permanent flood defence schemes and 77% protected through a demountable scheme.
Minister Moran said “The Government has invested €285m 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 €1bn. I would like to see the insurance industry providing a quicker and higher return to this significant investment through increased insurance coverage.
The Minister welcomed the current dialogue between the insurance industry and Government on improving coverage for areas protected by demountable defences.
Minister Moran has asked Insurance Ireland to report back within a number of weeks with a plan as to how the risk cover in these areas can be increased.