Results 21,101-21,120 of 35,894 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: Are these ministerial orders? Are they ministerial orders that are needed to authorise the section of the Act that has already passed?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Pearse Doherty: Okay. I would like to come back to the purpose of this and what people want, which are solutions. They also want to figure out what is going on here and why it has gone on. Ms Dowling mentioned an area at which I have been looking. If the cause of this is Solvency II, the insurance industry should just say it, apologise, get on with it and stop all this pretence that it is about something...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Pearse Doherty: Do the brokers have a view on the reason for the 70% increase? I have given a view in terms of what I have learned so far.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Pearse Doherty: Yes. The potential to-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Pearse Doherty: I know. If it could be at that level, they have to provide for that.
- 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.