Results 1,781-1,800 of 12,298 for speaker:Paul Murphy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: It is about the profile. I understand that. That makes sense, but what is the problem with the profile of people who have older cars? Are they more likely to claim?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: Mr. Faughnan mentioned also the car insurance companies undermining the Personal Injuries Assessment Board. I presume the figure of 20% used to be higher and that it has come down. How does it work in practice? How do they act in order to undermine it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: An issue for this committee and for everyone who follows these proceedings is assessing the balance in terms of the causation factors for the premiums increasing. Obviously, an element of that is profit. According to the blue book, over the past 20 years, something like €2.86 billion in pre-tax profit has been made by insurance companies. It is a lot of money. Clearly, if the profit...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: I thank Mr. Faughnan. Fair play to Mr. Kian Griffin on the work he has done in trying to mobilise people. What is his experience in terms of getting people together, campaigning on the issue and trying to raise it? What is the response? I can understand that the response of the insurance sector is what it is but what is the response of young drivers, etc.? What kind of success has he had?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: We share our experiences.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: The basic point is about younger drivers who feel ripped off by the car insurance sector. That is certainly a sentiment. Is it Mr. Griffin's assessment that they are correct to feel ripped off? The Central Bank stated that younger policyholders continue to present the highest average surpluses, that is, for every €1 in car insurance paid by younger drivers, the car insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Paul Murphy: Finally, I have one question for Mr. Moran. He presented a clear argument and case that there is no rational reason for the extra that older drivers are paying. What is the position in other jurisdictions? Do older drivers in other jurisdictions also pay over the odds or what is the comparative?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (13 Sep 2016)

Paul Murphy: I thank the witnesses for their presentations. They are a bit of fresh air in terms of some of the discussion we have heard. I agree with the analysis that there is quite an extensive propaganda war going on by the insurance industry. It has actually been quite successful and is reflected in some of the contributions we have had from people who are also victims. The two buzzwords used to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (13 Sep 2016)

Paul Murphy: Mr. Conor Faughnan of the AA said that about 10% of the claims are resolved in court, 20% go through the Injuries Board and the rest of them are out-of-court private settlements. That is all in the black box Mr. Gilhooly mentioned. How does one go about getting that? Is there any legal difficulty with passing a law that provides for these things to be published because they are in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (13 Sep 2016)

Paul Murphy: How does that happen in reality? In an average case at what stage does it leave the formal process? Is it at that point before the Injuries Board or is it between the Injuries Board and the court?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (13 Sep 2016)

Paul Murphy: It is inevitable that there must be some fraud. However, fraud is often spoken about as if it is the factor driving premiums up and there is an absence of facts to accompany any of that. Can the witnesses give us facts on how many fraud prosecutions take place in a year? How many cases are dealt with in that way that it is exaggerated-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (13 Sep 2016)

Paul Murphy: "Dismissed" as in their claim was dismissed?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: Accepted by whom?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: I thank the witnesses for the presentations. My first question is for the actuaries on the Central Bank statistics. Table 15 of the Central Bank statistics on motor insurance shows in 2014 a loss for companies with headquarters in Ireland of €137 million and in 2013 a loss of €195 million. Before that it shows profits of €145 million in 2012, €156 million in...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: In general is it fair to say they have been "highly", "fairly", or "reasonably" profitable - the witness can choose his own word - over a long period?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: Let us consider profitability in a different way, as an average surplus per policy. How much profit do they make on the average policy? Do the actuaries have any figures for an international comparison? I have seen figures that suggest that the average surplus per policy in Ireland is significantly higher than in Britain, which is a good comparator in terms of the market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: Have the actuaries got any comparative data for profit per premium for Britain?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: In response to the point about the profits being a necessary cost, there is an alternative here. That is why I think we should broaden the scope. There is a different model of insurance, which is a not-for-profit model in which we do not have to have this extra cost. That €2.86 billion was paid by people in premiums as a cost. If Mr. Dunne thinks, ideologically, that it is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: I think Mr. Dunne would have a hard time convincing those who are now facing these massive hikes that the market is particularly efficient right now or is delivering for people. I thank Mr. Dunne for those responses. In terms of the Injuries Board, a big issue is the black box of lack of knowledge that we have, which is all that is not settled through the court or through the Injuries...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Paul Murphy: At that endpoint, Mr. Watkins said that 7,000 or so claims are accepted by both parties. In cases in which it is only accepted by one party and rejected by the other, what is the balance?