Results 4,101-4,120 of 5,629 for speaker:Mairéad Farrell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: That was really powerful. I thank Ms Sheridan for that. When people work in different sectors, it is very good to hear the real-life experience of the stress and concern they naturally feel. It is a very powerful tool to be able to give those examples. I thank her for sharing that. It was powerful. I have a question about the personal injury guidelines. We were discussing it with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: Is it okay for me to ask another question?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: I thought the Chair was indicating that my time is up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: I thank Mr. Boland. That was quite interesting. Another thing that we discussed was the Judicial Council (Amendment) Bill. I asked whether the Bill would require insurers to provide audited reports to the Central Bank detailed whether these reduced claims costs arising from personal injuries guidelines have been passed on to consumers. In the past two weeks, both insurers and the Central...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: Those are all the questions that I have for now. I thank the witnesses for coming before the committee. I hope they have a wonderful Christmas.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: I thank the witnesses for coming in front of the committee today. I will start with questions on the personal injuries guidelines. We have had a number of sessions on insurance, and this feels slightly like Groundhog Day because I am teasing out the same kind of questions. It is important because we need to get everyone's view. The personal injuries guidelines came into effect on 24...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: If claims under a certain category have fallen by 40%, what does Mr. Curtin expect the percentage fall to be in terms of the costs even on a euro-to-euro basis? When people hear that costs have fallen by 40%, they expect to see something quite significant in their own costs. Could Mr. Curtin tease that out?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: Will the national information claims database be able to monitor whether the savings companies make as a result of the personal injuries guidelines have been passed on to customers euro for euro? Mr. Curtin may be aware of the Judicial Council (Amendment) Bill, which would have required insurers to provide audited reports to the Central Bank detailing whether these reduced claims costs have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: The next topic springs out of what was discussed in the previous session by Ms Sheridan. We could all say that we would have been very much impacted by her real-life story. It concerns the topic of insurance fraud. The insurance industry has repeatedly claimed that 20% of all claims are fraudulent with Insurance Ireland and Allianz claiming that insurance fraud costs the industry...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: My figures would suggest that it is 0.003%. What is the percentage according to Insurance Ireland? Surely if it is such a big issue, Insurance Ireland is aware of the percentage of claims that are fraudulent. For 2019, we have the figure of 0.003%. What is Insurance Ireland's figure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: Ms Murdock might furnish the committee with that after the meeting. That would be fine. We do that regularly at this committee. The figures I am seeking are for 2019. If Ms Murdock could furnish us with those figures after the meeting, it would be great.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: It would be great if Ms Murdock would provide that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: That is absolutely so.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: I was going to ask a second question relating to what Ms Sheridan was talking about. Her story during the previous session stood out to me. I am not talking about Ms Sheridan's case at all. I do not mean it that way. I just mean it was a fine example in the broader sense.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: I was referring to what Ms Sheridan said about consumers not having the opportunity to submit relevant evidence and that she was not informed of the settlement. It was that issue I was referring to. I could be wrong and am happy to be corrected but it is my understanding that under section 16(4) of the Consumer Insurance Contracts Act, sponsored by my colleague Deputy Pearse Doherty and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: General Scheme of Insurance (Miscellaneous Provisions) Bill 2021: Discussion (16 Dec 2021)

Mairéad Farrell: I did not mean to personalise the issue.

Finance Bill 2021: From the Seanad (15 Dec 2021)

Mairéad Farrell: I will speak to the three recommendations and I will keep it brief so that there will be lots of time for others. Recommendations Nos. 1 and 2 provide for the extension of the existing rates of the EWSS until the end of January 2022 in response to public health restrictions which will impact the footfall in and revenue of businesses in certain sectors in the coming months. The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Engagement with Insurance Companies (15 Dec 2021)

Mairéad Farrell: Would anybody else like to answer the question? I would like to get specifics on it rather than talking around the question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Issues: Engagement with Insurance Companies (15 Dec 2021)

Mairéad Farrell: That does not really answer it. My question really is: if the claims under the category of awards have fallen by 40%, by how much can we expect the cost to have fallen? What would that be in nominal terms and on a euro for euro basis? We should expect premiums to have reduced by that amount solely as a result of the personal injury guidelines coming into effect. What percentage have the...