Shay Brennan (Dublin Rathdown, Fianna Fail)

Mr. Jennings will find that part of the reason we are having this committee hearing today is to attempt to join our witnesses in that fightback. We are seeking to find out where the problems actually are and what we need to deal with them.

That takes me to my next point. Mr. Jennings touched on the lack of willingness from the insurance companies to engage. It seems to me, as I look at this, that a kind of black box scenario is going on here. We cannot see into the insurance companies. They charge twice the premiums and make two and a half times the EU average in profit. That would suggest that if they want to and put their minds to it, they can adjust their profits downwards.

Mr. Hanley pointed to the CEO of Aviva sounding almost perplexed that they were making so much profit and saying they would like to make 5%. I do not know what we need to do to encourage them to get there. Given all the reforms we have introduced, the insurance companies' profits have not actually changed. Mr. Hanley mentioned profit figures in the low teens across a range from 10% to 14%, or roughly 13% on average. We cannot see into the companies. Mr. Hanley would be closer to this than I would. Are there any structural issues within the insurance companies? For example, is it the case that issues with their cost base, problems with their investments or some reinsurance that they are doing with their parent companies are not allowing them to pass these profits on to the consumer by way of lower premiums? Does Mr. Hanley understand what I am saying?