Results 4,121-4,140 of 5,629 for speaker:Mairéad Farrell

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

Mairéad Farrell: Will the national information claims database be able to monitor or show if the savings the RSA Group, AIG and FBD make as a result of the personal injury guidelines have been passed on to their customers euro for euro?

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

Mairéad Farrell: I will move on to the RSA Group, AIG and FBD’s profits and Covid-19. We saw that during the majority of 2020 the economy and society were under stringent public health measures, there were fewer cars on the roads and businesses were closed. Traffic fell by 37% while the number of claims in motor insurance fell by 26% and the cost of claims per policy fell by 20%. However, the...

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

Mairéad Farrell: It was about profit margins in motor insurance for the years 2017 to 2020, inclusive.

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

Mairéad Farrell: I want to move on to dual pricing as we are moving along in this session. Recommendation 1 of the cost of insurance working group was for insurers to set out reasons for large increases in premiums to consumers. It was agreed between Insurance Ireland and the Department of Finance in 2017. I note that none of the insurance companies' websites gives price walking or dual pricing as a reason...

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

Mairéad Farrell: I will just ask a yes or no question on this. Can each witness confirm if their organisation practises dual pricing or price walking? Can they confirm if this involves identifying customers who are more likely to renew and charging them extra?

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

Mairéad Farrell: I thank Ms Tobin. I would just like a yes or no answer on that question really.

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

Mairéad Farrell: I am grateful for that clarity. My question is if the organisations charge renewing customers premiums that are higher than the technical premium. I would like a yes or no answer from everybody.

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

Mairéad Farrell: Go raibh maith agat.

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

Mairéad Farrell: Gabhaim buíochas leis na haíonna atá sásta labhairt linn. I thank the guests for appearing before the committee today. Many people had concerns over payments for personal injury claims and lost faith in the insurance industry as a result. The introduction of the personal injury guidelines on 24 April significantly reduced the cost of claims. As soon as the guidelines...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Ba mhaith liom buíochas a ghabháil le Mr. Algeo for appearing before the committee. This is something that is of great interest to many people. My first question relates to the probabilities of this happening. It is my understanding that with 47 balls an individual has a one in 10.7 million chance of winning. An average of 1.4 million tickets are sold per game. Therefore, there...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Does Mr. Algeo mean that it brings it down because of the unique aspect?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Then the unique aspect is basically that 847,000 rather than the 1.4 million per game. That is what Mr. Algeo is saying, in effect, in terms of the unique aspect.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Okay.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Okay. I wish to go back to the point when the national lottery was privatised by a Fine Gael Government in 2014. Two additional balls were added to the total numbers needed to match and win. This was always going to decrease the number of winners and increase the number of losers, which is really privatisation in a nutshell. However, we are here today because of the concern expressed by...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: The question related to the risk assessment and then what decision was made at the time when PLI took over. Looking at best practice, in Britain a jackpot can only be rolled over five times. I am startled that this was not examined at the point when the national lottery was privatised. The other major biweekly lottery, the EuroMillions, is the same in that the jackpot can only be rolled...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Regarding unclaimed prizes, it was reported by the media earlier this year that unclaimed prizes in 2020 amounted to €17 million. I am sure the people who have not claimed their prizes will not be too happy to hear that they missed them. Can Mr. Algeo specify exactly what happens to the money in the unclaimed prizes? In Britain, unclaimed prizes are directed into the relevant...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: It is quite interesting and probably something on which the committee needs to focus because, obviously, the purpose of the lottery is to generate money for good causes. The impact on those causes must be central to the focus of the committee. It is a pity that was not considered when the national lottery was privatised by the then Government.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: I wish to ask a final question relating to probability. My apologies for returning to this issue. Mr. Algeo stated that the probability of having 54 rollovers is the same as that of a die being cast 37 times without a six being rolled, which is 0.01%. We have agreed on that. For the same probability to apply to the run of rollovers means that fewer than 1 million unique tickets would need...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: Five times.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Issues Related to the National Lottery: Discussion (15 Dec 2021)

Mairéad Farrell: I ask Mr. Algeo to furnish the committee at a later stage with more detail in respect of that comparison with the British lottery. I think it is a 1 in 45 million chance, as an individual, to win the British lottery, but in terms of ticket sales, etc., that obviously changes and the probability changes. I would be interested to get those figures. I can send him my specific question after...