Results 21,101-21,120 of 35,889 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Pearse Doherty: Hopefully, the committee will be able to adjudicate on that in due time.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Cuirim fáilte roimh na finnéithe. I welcome the presentations and the responses to many questions, some of which I intended to pose. The Society of Actuaries in Ireland has given a good example of what has been happening since 2010, a picture with which we are quite familiar. We have seen an increase of 70% in premiums in the past two years. I do not suggest it has come from the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: For Zurich plc?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Mr. Dunne no longer works for Zurich but did he work for the company?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Did Mr. Dunne have responsibility for Ireland, Europe and Africa?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Is it correct to say that Mr. Dunne had quite a senior position in Zurich?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Is it correct to say Mr. Dunne has a good global view of the insurance market?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Insurance Ireland will come before the committee but, as Mr. Dunne indicated, we do not have the data and the society does not have the data. However, given his very senior position within Zurich plc, the sixth largest insurance company in Ireland in terms of motor insurance, which was still recording underwriting losses in 2014 according to the Central Bank’s accounts and published...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: The only reason I make the point is that there were a number of comments to the effect that witnesses do not have access to the data, but Mr. Dunne would have had access to the data.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: The information might be confidential.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: I appreciate Mr. Dunne’s answer. Insurance Ireland was in the media this morning and the comment was made that insurance is a very simple product. The premise is that premiums are taken in and money is paid out in claims.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: However, there is another element to that which was not mentioned, namely, that insurance companies invest premiums.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: What has been happening in recent years, according to the Central Bank’s statistics, is that we have lost €100 million in three years in terms of investments. Is that not the case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: The actual investment income attributable to loss has decreased from €278 million in 2012 to €176 million in 2014, which is a drop of more than €100 million.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: During that period the underwriting loss increased.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Is it the norm that insurance companies offset underwriting loss with investment income?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: I spoke earlier about smokescreens. There has been much focus on the expensive necks of the Irish people and fraud but very little focus on the fact that the insurance companies are seeing a dramatic drop in investment income, which is one of the reasons why premiums are going up because the income to offset the underwriting loss no longer exists. Is this analysis correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: The investment income in 2012 would have been about 20% of the premiums that would have come in.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)
Pearse Doherty: Does Mr. Mulligan agree with the assessment of the former Governor of the Central Bank when he wrote to the Minister for Finance in a confidential letter that was released to me under freedom of information? In the letter, he said that a number of non-life insurance companies took a very optimistic view of the future economic outlook, built up unsustainable overheads and followed an...