Insurance Federation Invited To Sit Before Environment Committee
|Cork South Central T.D. Ciaran Lynch, has invited the Irish Insurance Federation to sit before the Oireachtas Committee on the Environment, Transport, Culture and the Gaeltacht, of which he is Chair, to discuss the challenges faced by home and business owners as a result of flooding.
He said: "The devastation experienced by businesses and homeowners as a result of flooding is far reaching and can cause undue stress with delays in receiving compensation for the damage caused and even the refusal by insurance companies of renewing insurance to past claimants.
"Only last month we saw the damaged caused by overnight flooding in Douglas, Cork and surrounding areas with many of those effected still awaiting compensation. While the response to the flooding was speedy, millions of euro was caused in damage. In response, the council plans to put flood-barriers in place for its tenants in high-risk flood areas.
"In September the European Union will publish a report on insurance industries in the EU. It will decide upon publication what action to take but it has been suggested that insurance companies will be asked to insure homes that are at risk of flooding.
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"In light of this impending report and the severe flooding seen around the country in recent years, I have invited the Irish Insurance Federation to sit before the Environment Committee to discuss a range of issues including the issue of insuring properties that are at risk of flooding.
"The refusal of flooding insurance to areas seen as high risk seems to defeat the entire purpose of insurance. For example, the homeowners who were the victim of poor planning decisions such as those with properties built on flood plains, should be able to live securely in the knowledge that their homes are protected against the risk of flooding."
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