Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

I thank the witnesses for the presentations. My first question is for the actuaries on the Central Bank statistics. Table 15 of the Central Bank statistics on motor insurance shows in 2014 a loss for companies with headquarters in Ireland of €137 million and in 2013 a loss of €195 million. Before that it shows profits of €145 million in 2012, €156 million in 2011, €7 million in 2010, €124 million in 2009, €113 million in 2008 and for the five years preceding that a significant profit of €500 million on a yearly basis. Is it fair to say that, as a whole over ten or 20 years, car insurance has been highly profitable in Ireland? When added together the results for 20 years come to €2.86 billion in profits for companies headquartered in Ireland. Over three years premiums have gone up by 70%. That tallies with profits falling, for example, in 2013 they went down. Would the actuaries agree that is consistent with the rise in premiums being an attempt to restore profitability?