Oireachtas Joint and Select Committees

Wednesday, 18 December 2019

Joint Oireachtas Committee on Justice, Defence and Equality

Access to Justice and Legal Costs: Discussion (Resumed)

Dr. Declan Jackson:

I think Deputy Kenny is right. While we are a big exporting jurisdiction of insurance, selling insurance to some 110 countries around the world, given the size of the market we also rely on capacity coming into Ireland. For sustainable risk pools and for speciality lines, there is a need for more provision than is available in Ireland. In January 2017, we were asked by the then Minister of State at the Department of Finance, Deputy Eoghan Murphy, what success in these reforms would be like. We said that it would involve more capacity coming into Ireland and staying here. For us, if we have a sector with three, four or five companies, for instance, writing those sorts of risks, it then becomes much more stable as they move their positions in the market. That is not happening at the moment. It was correct to say in 2017 and it is more correct to state today that we need more provision.

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