Shay Brennan (Dublin Rathdown, Fianna Fail)

I thank Mr. Hanley and Mr. Jennings. I have a series of questions here covering a couple of areas. I will just try to maybe stick to one area and, when I come back in, I will move on to the next area.

The witnesses are pointing to a lack of competition as a problem here. I fully agree with them. If there was more competition, it certainly seems to be something that could help unlock this. It would appear that with a 30% average profit margin, which is two and half times the EU average, it is quite a lucrative market for insurance companies. It is probably the most lucrative in all of the EU. That does beg the question as to why there is not more competition, regardless of any Government agency or body to promote it. The underlying economics certainly suggest that the Irish market is one an EU operator should naturally be looking at. The witnesses pointed to there being barriers to entry. Will they elaborate on what they feel are those barriers to entry? The witnesses' submission encourages a Government agency - I cannot recall which one - to have a look at that. The witnesses must know, even anecdotally, what are those barriers to entry.