Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

I thank the witnesses for coming in front of the committee today. I will start with questions on the personal injuries guidelines.

We have had a number of sessions on insurance, and this feels slightly like Groundhog Day because I am teasing out the same kind of questions. It is important because we need to get everyone's view. The personal injuries guidelines came into effect on 24 April and significantly reduced the cost of claims. From the latest information we have since the guidelines came into effect, the average value of personal injury awards has fallen by 40%. We know the insurance industry warned that premiums would not fall immediately, and that is what I want to tease out with the witnesses. What percentage of the total cost for the insurance industry is absorbed by gross claims incurred for personal injuries? I can ask a few questions or the witnesses can come back in on that one.