Results 14,841-14,860 of 26,059 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Does Dr. Roux think the increase in premiums has nothing to do with Solvency II?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: They are two sides of the same coin.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: I would prefer a short answer.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Fine. I would also like to ask about the losses in the companies. In total, how many companies are operating in the motor insurance market in Ireland at the moment?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: How many of them are regulated by the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: That basically means 14 companies are not regulated.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Fine. What percentage of the market is taken up by the eight companies that are regulated by the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: What percentage of the market is accounted for by these eight companies?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: I am interested in what is regulated by the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Basically, an increasing share of the market is being taken up by companies that are not regulated by the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Okay. Dr. Roux mentioned that losses of €213 million, €198 million and €273 million were earned in 2013, 2014 and 2015, respectively. When did the Irish regulator first realise that the motor insurance providers were making a loss?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: At that point, did the Central Bank make it known publicly, for example in a report, that it had clear reservations about the pricing models under which Central Bank-regulated companies in the Irish motor insurance sector were operating?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Did the Central Bank believe in 2013 that the motor insurance premiums which were being charged in Ireland were too low?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: I want to get the point because I have a limited amount of time available to me. From what we have seen, insurance companies were driving for market share and premiums were coming down. The companies were continuing to make losses. This was bubbling away. As far as ordinary drivers from all age groups who were looking to get motor insurance, including young drivers, were concerned, this...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: They would be European accounts. I am talking specifically about the Irish market. Am I right when I say the losses quoted by the Central Bank today are losses in the Irish market?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Okay. I am asking specifically about the Irish market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: I have two final points to put to Ms Cronin. I had a quick look at some of the rulings made by the Court of Appeal since November 2015, when it appears to have got going. In some areas, the Court of Appeal appears to have significantly reduced the awards made in the High Court. As Ms Cronin is probably aware, the reductions vary from 30% to 50%. I assume that is factored in. As we have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Maybe that would bring down the discount rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

Kieran O'Donnell: Does Dr. Roux anticipate that motor insurance premiums will increase or decrease over the next five years?