Results 10,741-10,760 of 16,369 for speaker:Peadar Tóibín

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

Peadar Tóibín: I imagine settled claims are reflected in the new guidelines. Is that the case?

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

Peadar Tóibín: Mr. Connaughton has made the points that many of these claims have to wash through the system and this is a new process. That would definitely indicate there will be further decreases in the cost of insurance to the punter at the end given that this is only the start.

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

Peadar Tóibín: In previous attendances of insurance companies at the committee, there was discussion with regard to the level of fraudulent claims the insurance companies deal with. What is the percentage of claims the witnesses deal with that are fraudulent?

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

Peadar Tóibín: Out of how many cases in total?

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

Peadar Tóibín: Out of how many claims made to FBD for loss or adverse effect are these 17 claims that are seen to be fraudulent and sent to An Garda Síochána?

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

Peadar Tóibín: It is 17 out of 20,000.

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

Peadar Tóibín: Yes, I think only two companies answered me there. Is that right?

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

Peadar Tóibín: May I ask if the insurance companies would at least furnish us with the percentage of fraudulent claims they deal with? This was brought up previously by another Deputy in this committee. There was a controversy at the time between the estimated percentage of claims that are deemed, understood or at least priced to be fraudulent within the insurance companies and the amount that actually go...

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

Peadar Tóibín: I have two final questions. What is the witnesses’ analysis of the duty of care situation in Ireland and the costs that brings to the system?

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

Peadar Tóibín: On the community base, I have worked with a number of community organisations that are finding it nearly impossible to get insurance cover. I was listening earlier on, and one insurance company - I apologise that I cannot identify which one said this - claimed it had 100 community organisations on its books. Is it not true that insurance companies are stepping away from or retreating from...

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

Peadar Tóibín: If claims make up 70% of business and there is a reduction of 40% in the value of claims, would that not make the reduction of 10% in the price of insurance seem quite small? If a 40% fall in the majority of the costs the insurance companies deal with translates to a 10% reduction in the cost for customers, does that reduction not seem small?

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

Peadar Tóibín: Ba mhaith liom buíochas a ghabháil le Mr. Algeo as ucht teacht isteach. The purpose of the national lottery is to raise money for worthy causes and to have a regular prize draw for the public. That is not happening at the moment, so it is clear the system is broken. It is clear that what we have today is not what was designed in the first place. It has not happened by accident....

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

Peadar Tóibín: There is no way that Mr. Algeo's company does not break out the monthly turnout of its sales. I am sure any managing director would be acutely interested in the monthly turnover and profit of the business.

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

Peadar Tóibín: Mr. Algeo stated that these things are sensitive because of competition. With whom is PLI in competition in Ireland?

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

Peadar Tóibín: That is a very broad understanding of competition by anybody’s measure. Surely a jackpot worth €19 million is a licensed business because it is singular in its operation and does not have direct competition.

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

Peadar Tóibín: I understand that but, to put it in marketing terms, if you do not analyse your competitors with a sharp focus, you will not be able to compete fully or operate. I do not accept that expenditure on a national lottery jackpot is in competition with pretty much all other discretionary expenditure, and I am sure that most others do not either. Is it not in the lottery’s interest to...

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

Peadar Tóibín: Does Mr. Algeo not admit that, in the past four months, there has been an increase in sales for the jackpot prize of the national lottery and that, as a result, it is fair to understand that an increasingly high jackpot increases turnover and profitability? There is probably a flipside, however, in that if it gets into the public psyche that a draw or jackpot cannot be won, it hurts sales,...

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

Peadar Tóibín: In hindsight, maybe the addition of the extra balls has caused difficulty. PLI is a consortium. It includes the An Post pension fund and the Ontario Teachers’ Pension Plan. Accounts have shown that PLI has racked up about €120 million in interest on loans from the consortium since 2014. The payment of the interest is having an effect on reported profitability. It is hard...

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

Peadar Tóibín: The interest repayments are the reason profitability has been reduced.

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

Peadar Tóibín: The licence is granted by the State. We have to return to the original model of regular jackpots. It is necessary to have time limits within which jackpots must be won.