Tom Neville (Limerick County, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I thank the witnesses for coming in. Some of my questions are around motor insurance.

My first question is on emigrants. Mr. Thompson and I were on a television programme a month ago. He mentioned that there was a 50% drop in the premiums for emigrants returning home. Does Mr. Thompson have data that he can share with the committee around that claim? Is there any truth to the story that emigrants are putting themselves as named drivers on the policies of their parents before they go? This allows them to hold a policy for the three or four years while they are away. Mr. Jackson mentioned that emigrants should talk to the insurance companies before they go. Some emigrants go abroad but may not be coming back. If they do come back, it might be for four or five years. It has an impact on their rights as consumers if they are tied to a particular insurer before they go. They should be recognised for their driving credentials and they should be allowed to shop around. I would appreciate clarification on that point.

My next question relates to sales representatives on the road. I have heard of this anecdotally from the market. Let us imagine a sales representative is on the road in a company car for ten or 15 years but has not had a car insured in his or her name. Such a person is now getting hit for high premium policies as well. The approach of the insurers is that this is the first time the driver has had a policy. I want clarification and a statement around that and whether it is happening in the market.

I am getting the same feedback anecdotally with regard to cars that have had more than five owners. Again, it is anecdotal evidence and I am not suggesting otherwise. I am simply getting this back from constituents. Let us suppose a car has had five or more owners or is ten or 11 years old. Then it seems the premium increases as well. I would like clarification on that point.

The remaining question relates to the presentation by Insurance Ireland. Can I get some detail from the stakeholders of information on how premiums are calculated? I know we have the national information claims database. Are the bodies here satisfied that there is enough transparency between the insurance companies and the businesses that they insure? The question is especially relevant for businesses. I am removing myself from the motor insurance question. This relates more to where a business or livelihood is at stake. Businesses are providers to the community. Will the witnesses comment on claims that are under way? I have heard comment to the effect that many businesses may not be aware of claims happening. It seems it is only when they go to renew their insurance policies that they are told their insurance costs have been hiked because a claim has come in or because a claims process has started.

There are enough questions there. I am seeking some clarity on those points. I am happy to repeat the questions. There is no problem with that.