Oireachtas Joint and Select Committees

Wednesday, 19 May 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Developments in the Insurance Industry: Discussion

Mr. Anthony Brennan:

Unfortunately, I am constrained in regard to anything to do with price signalling. As I said in my opening statement, we have made a decision on the amount we are going to pass through to customers in the coming weeks. We are actively working to implement that on a number of platforms. I cannot say more than that because anything else could be seen as signalling when and to what extent we are going to reduce our premiums.

I recognise that it is really important that the industry responds to this reform. It has taken us years to get here, and I have to ask the Deputy to allow us a few weeks to implement this and get it across to our customers. We will not be found wanting. I appeared before the committee in October 2019 and made some clear statements, which I stand over.