Meeting with Irish Central Bank – July 2019

 

Representatives from INFF, McCarthy Insurance Brokers, Balinasloe Flood Alleviation and Cork Business Association met with representatives of the Irish Central Bank this week.

INFF PRO Jer Buckley thanked CBA for their attendence at the meeting with the Central Bank. The purpose of the meeting was to discuss the “Flood Insurance Bill”.

INFF are extremely concerned at the lack of flood insurance cover where OPW have spent hundreds of millions of Euro on completing world class flood protection schemes in 18 towns across Ireland. They raised the issue of non independent data being collected by government on the penetration of flood insurance in towns that have had a flood scheme delivered.  The Director of Consumer Affairs with the Central Bank did believe the information presented warranted further investigation. The Central Bank believe they needed to reassess the situation and revert back to the INFF.

Jer Buckley stated “we have 18 completed schemes with a total 188 schemes identified for Ireland. It is totally unacceptable that the states committment of spending 1billion over the next 10years on flood schemes is not being reciprocated with the insurance industry denying the consumer flood cover”. He further stated that Michael McGrath TD Flood Insurance Bill was the only hope for people who had homes and businesses in defended areas. He thanked the Central Bank for the opportunity to meet and discuss the Flood Insurance issue .

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