Pearse Doherty (Donegal, Sinn Fein)
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The NCID found that the expected claims loss that Insurance Ireland had identified did not materialise, which is another serious issue in terms of what the insurance industry is doing. The industry is over-compensating in regard to future losses. It has to identify the claims settled in a particular year and make provision for the following years such that it is cooking the books and over-estimating only to find on look-back that that level of claims was not paid. When the Central Bank carries out the exercise which Mr. Horan spoke about, the actual claims ratio drops dramatically.