Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome our guests to the committee. My first question relates to when premiums are going to reduce. In 2019, Mr. Brennan appeared before this committee, along with colleagues from throughout the industry. They asked us to reduce the cost of claims and to produce legislation, which has since happened. The judges have done their work and reduced the cost of claims for minor injuries, which are now fully recoverable up to 60%. Mr. Brennan stated at that meeting that if insurers had not reduced their prices by somewhere in the region of 10% to 15%, the committee should ask a lot of questions. For liability, he stated it should be higher, and probably close to 20%. That was based on a 50% reduction in claim awards but, as Mr. Brennan will be aware, the legislation and the decision made by the Judicial Council have raised the limit to 60%.

What I and everybody else want to know is when Mr. Brennan and his company are going to pass on these reductions to policyholders.