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:

I will be honest. I am not aware of the exact details of the case and I have not seen it worked out in practice in the UK. We would be happy to work on it. All I am suggesting is perhaps we would work together and engage with Insurance Ireland to find the best way to measure this.

I have been very clear. We will pass on the benefits, euro for euro, and that is what we intend to do. I believe the national claims information database already provides the information to cover that at a high level. I am not sure moving it down to each individual claim is the way to do this and it will create an awful lot of work. It is quite subjective because, as I said, there is not a one-for-one match between the old book of quantum and the new guidelines. All I am suggesting is we could try to work together to find a way to minimise cost. We do not want to create cost for everybody because that cost will ultimately feed into customer premiums, and I am sure the Deputy would agree with that. It is about trying to find a way to work with the existing process to get the overview that is required and that the Oireachtas would like to see.