Results 12,061-12,080 of 35,756 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: I will get a chance to come back in later.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Yes. I have a few questions. What is each of the witnesses' firms premium per licensed vehicle?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: What was it in terms of an increase on last year's premium?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: What was it in 2018?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: It was 2% higher.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Okay. What is premium charged by the other witnesses' firms, starting with AIG?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Are these 2018 figures?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: What about Zurich?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Those figures are in line with the industry average. Insurance Ireland's estimate for 2017 indicated an average premium of €680, which is up by 50% in the past four years. The Central Statistics Office tells us that motor insurance premiums have reduced by a much higher percentage. The percentages that the witnesses have told us here are very small - 1% or 2% in some cases.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: The fact file shows that it went up by 6% in 2014, by 12% in 2015, by 22% in 2016 and by 6% in 2017.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: The CSO and Government tell us that insurance premiums have dropped by 23% in the past three years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Mr. Brennan's experience is that it has not dropped that much.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: What proportion of the witnesses' motor insurance business auto-renews?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: What percentage renews with the company?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Those are people who do not contact the company and just renew their policy. It is 20% for Aviva?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: Does that mean that Aviva loses 90% of its customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: How many policyholders renew?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: If I were to go onto the companies' websites, disregarding the incentive for new business and that reduction which may be anything from 10% to 20%, and got a renewal quote from the company, entering exactly the same details into the website, would it exactly match if I disregarded the 10% or 20% offered at the time?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: So for a third of the renewal quotes from Aviva, if the customer went onto the website, they would get a better quote.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Pearse Doherty: I am talking about direct motor insurance. That is disregarding the incentive for new customers.