Results 5,381-5,400 of 6,295 for speaker:Michael D'Arcy
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Up until two years ago, the market was making a loss.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: That is a matter for the Competition and Consumer Protection Commission. I cannot comment.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Relative to what?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Is the Chairman referring to those who drive for a living?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The CSO figures relate to private car insurance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: As I said, I raised the issue of taxi drivers with the insurance companies. One company is prepared to run a pilot programme if taxis are prepared to use dashcams and a black box to allow analysis of whether drivers are driving responsibly. The issue is the level of awards against full-time professional drivers. Our level of awards is the biggest issue in insurance by a country mile....
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: That is exactly why everything we are doing is done to reduce the levels of awards. That is the issue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: The Chairman is bang on, but the issue is that there are more claims against professional drivers than against those in any other sector. Because there are more claims and higher awards, there are unfortunately now only two companies that will insure taxi drivers. We now face a lack of competition.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I am aware-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I am aware of those facts also. The issue here, again, is that somebody can have a small claim for small damage and can claim for very large amounts of money. If they keep pursuing it, and lengthen the process for years during which time the insured individual or premises has that claim on their books, it becomes a commercial reality and is cheaper to pay it. Again it goes back to the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I do accept that. Prior to sitting down with the insurance companies-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I was not aware of this, but the amazing thing is that the insurance sector is paper laden. It is still a paper business, even with all the technology we have. Prior to coming into this job and sitting down with the insurance companies, I would have said exactly what the Chairman is saying. There will be an extra cost if we have to do that and everything the committee is doing and its...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I would have said what the Chairman is saying before I came into the job and before I met all of them. I would have said exactly that, but it is not a bluff. It is a very paper-laden business where each document is treated one-by-one, person-by-person and handled by individuals before going up the line to their underwriters.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I am not going to comment about markets acting like cartels. As I said, there is an ongoing investigation. I have to also be cognisant that part of the role is to have companies come in and create competition. Part of that is that companies should be profitable. Until, I think, two years ago, insurance companies in Ireland were not profitable. Prior to that, we were losing insurers and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I will not be commenting on that because, as I said, there is an investigation. The national claims information database will be up and running next year and any potential insurer that wants to come in will have access to that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: We are choosing not to go with a claim-by-claim register because of the cost. We are implementing the national claims information-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: Pardon?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I expect it would fall back on the customer.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Cost of Insurance Working Group Update: Discussion (15 Nov 2018)
Michael D'Arcy: I disagree with the Chairman, and I will tell him why. This is not an attractive market for insurance. If it was an attractive market, we would have a lot more insurers operational and being profitable. It is not an attractive market because the book of quantum in Ireland is multiple times what it is in the UK.