New Body to Address Ireland's Flood Insurance Gap; €2 Billion in Uninsured Losses Since 2000
Ireland will establish a working group, led by an external chairperson, to address gaps in flood protection insurance. Approximately 5% of buildings lack adequate coverage, with €2 billion in uninsured losses since 2000. Tánaiste Simon Harris emphasizes a public-private partnership is needed to find solutions for high-risk homes.
Tánaiste and Minister for Finance Simon Harris will propose to Cabinet the establishment of a working group, led by an external chairperson, to examine gaps in flood protection insurance. This initiative addresses the growing number of homes in high-risk areas unable to obtain affordable premiums.
Central Bank research from 2024 indicates that 5% of buildings, or one in 20, have limited access to flood insurance, with 54% of this gap concentrated in Dublin, Cork, Louth, Clare, and Kildare. The research also notes that no single solution exists for this issue. Approximately 14% of buildings are exposed to flood risks, necessitating a public-private partnership approach.
Since 2009, over €40 million has been paid under Department of Social Protection and Department of Enterprise support schemes, including for Storm Chandra in January. However, insured losses since 2000 total almost €2 billion. Sinn Féin's Pearse Doherty criticized the government's lack of a concrete plan, stating that around 290,000 buildings have limited or no flood insurance.