Seán Canney TD, Minister of State for International and Road Transport, Logistics, Rail and Ports and Leader in Cabinet of the Independent Ministers, has welcomed the Government’s latest update on the implementation of the Action Plan for Insurance Reform 2025–2029, which includes the establishment of a dedicated, time-bound Working Group to address the flood insurance protection gap.
The update confirms that a Flood Insurance Protection Gap Working Group will be established under an independent Chair to examine the barriers preventing many households and businesses from accessing flood insurance. Bringing together Government Departments, agencies and public and private stakeholders, the Group will undertake a time-bound programme of work, to be completed within 18 months, with the aim of identifying practical solutions to improve access to flood insurance.
The memo also provided an update on the wider implementation of the Action Plan for Insurance Reform, outlining continued progress across a range of measures designed to improve affordability, transparency and competition in the insurance market.
Welcoming the update, Minister Canney said: “The establishment of a dedicated, time-bound Flood Insurance Protection Gap Working Group is a significant step forward. Too many homeowners, businesses and communities continue to face difficulties accessing flood insurance, despite investments that have been made in flood protection and resilience.”
“By bringing together all of the relevant Departments, agencies and industry representatives under an independent Chair, this 18-month programme will provide a focused approach to identifying practical solutions. It is important that this work has a clear timeframe so that progress can be made as quickly as possible.”
The Flood Insurance Protection Gap Working Group will examine the issue across five key themes:
- Data, information and market functioning;
- Flood defences, resilience and risk reduction;
- Planning, development and exposure management;
- Insurance market measures and access to cover; and
- Public-private risk sharing and structural options.
The memo also notes that work is continuing on reforms relating to flood relief schemes, periodic payment orders, discount rates for future care costs and measures to improve the efficiency of the personal injuries claims process.
