Issued : Friday 28 September, 2012
Statement by Emer Costello MEP
Dublin Labour MEP Emer Costello is urging the European Commission to act on the report* published today on insurance against flooding and other natural catastrophes, which concluded that, 'there are cases where NatCat [natural catastrophe] insurance markets do not seem to fully cope with existing risks'.
"Having your home flooded is an extremely traumatic experience. Insurance companies cannot continue to simply walk away from their obligations to householders, especially when public authorities are acting to reduce the risk of flooding.
"A recent survey carried out by my colleague Kevin Humphreys TD of 1,000 homes flanking the river Dodder found that it was all but impossible to get flood insurance in the area, despite the fact that millions have been spent on flood defences along the Dodder over the past four years.
"The aim of this report produced by the Commission's scientific and technical unit, the Joint Research Centre (JRC), was not to make recommendations for future European policy action, but rather to assemble publicly available information on national insurance practices for natural catastrophes.
"Now that the JRC has done its job, the Commission must respond. I know that it has been considering a possible initiative on this issue for a number of years. Its 2009 White Paper on Adapting to Climate Change suggested publicly-supported insurance schemes where no insurance exists and concluded that, due to the cross-border effects of climate change, there may be merit in promoting an EU-wide insurance scheme.
"The Commission should now give serious consideration to coming forward with proposals for EU legislation guaranteeing insurance cover for flood-risk homes, particularly where public authorities are complying with their commitments under the EU Floods Directive, which requires local authorities to assess and map areas at risk of flooding and to taking action to reduce the risk.
"I do take issue with the Report's finding that the Irish flood insurance market is 'efficiently developed'. I would point out that the cited source of the information on which this conclusion is the Comit? Europ?en des Assurances, which represents national insurance bodies such as the Irish Insurance Federation in Brussels. As the authors themselves admit, there is very much a need for 'more and better data' on this issue.
"I would encourage Brian Hayes, the Minister of State responsible at the Department of Finance, to ensure that the Government is fully engaged in the follow-up to this report at European level. I am determined to continue raising it with the Commission until the insurance industry lives up to its obligations."
Source: http://www.labour.ie/press/listing/134884553410010964.html
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