James Lawless (Kildare North, Fianna Fail)
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93. To ask the Minister for Finance the steps his Department is taking to address the issue of inordinate insurance rates for thatched roof domiciles (details supplied); and if he will make a statement on the matter. [26596/24]

Michael McGrath (Cork South Central, Fianna Fail)
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As the Deputy is aware, neither I nor the Central Bank of Ireland can interfere with the provision or pricing of insurance products due to the EU Solvency II Directive. However, through the Action Plan for Insurance Reform, the Government is committed to improving insurance costs and availability for householders, individuals and businesses across Ireland.

Notwithstanding this, I fully appreciate your constituents concerns, as thatch insurance is an extremely complex issue with no single action that can be taken to address the capacity issues in this market segment. However, a number of proactive steps have been taken to help address this matter. It is an issue that Government has raised in meetings with the insurance sector, and will continue to do so as we are aware of the concern it is causing owners. Furthermore, officials in my Department will continue to engage with providers in this segment in terms of helping to promote increased capacity.

In addition, as you will be aware the Department of Housing, Local Government, and Heritage (D/HLGH) produced a detailed fire safety report in November 2022 and subsequently published guidance in October 2023 titled Fire Safety in Thatched Properties aimed at reducing the risk posed by fire. In addition, since the beginning of 2024, D/HLGH has offered a pilot scheme to enable Department experts to visit thatch owners to help provide advice on safety and fire prevention, which your constituent has availed of. Officials from my Department have disseminated this information directly to insurance companies and facilitated a number of meetings between officials from D/HLGH and insurance representative groups. I also understand that my officials have been in contact with your constituent and have suggested further avenues that may be pursued.

Separately, Government continues to implement the Action Plan for Insurance Reform and is working to bring further competition into the Irish insurance market, including some recent new entrants. Maintaining a sustainable and competitive insurance market, including for thatched properties, remains a key priority for the Government and I wish to assure the Deputy that I will continue to work with my colleagues to ensure that the Action Plan continues to deliver for insurance consumers across the country.