In response to Minister Hogan’s statement in relation to a proposed levy on non-life insurance policies Insurance Ireland has released the following statement.

We are surprised and disappointed with Minister Hogan’s comments in relation to a proposed levy on non-life insurance policies. Insurance Ireland and the Office of Public Works (OPW) have been working constructively over the past 12 months, at Insurance Ireland’s initiative, to establish a Memorandum of Understanding to allow both parties share flood data for the first time. The aim of this initiative is to ensure that insurers have up-to-date data on flood defence schemes carried out by the OPW, as well as future schemes, so that insurers can take this information into account when assessing risk.  

Over the past ten years, Insurance Ireland members have paid out approximately €750m in claims relating to nine major flood events that have occurred.   

Insurance Ireland will continue to work closely with the OPW and the Government on the above matters. The increased frequency of flooding in recent years highlights the need for action to be taken now in the affected areas so that the necessary flood defences are constructed as quickly as possible.

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