Results 4,301-4,320 of 5,587 for speaker:Kevin Humphreys

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: The committee is also trying to make concrete proposals on how to make this happen. I refer again to the 98% figure. Was that figure taken before geocoding was in wide operation? Other Deputies and Senators will have received the same telephone calls. A person will report being with the same company for the past ten years but then being told it will not give flood cover. That would be...

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: Mr. Horan is saying he is not sure whether geocoding was taken into consideration when the figure of 98% was produced. We could be looking at a new phenomenon in people being refused flood cover.

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: I knew Mr. Horan would say that. I wish I was, but the telephone calls do not come only from my constituency. There was an earlier question Mr. Horan did not answer. I asked about the specific example of a person who seeks a quote and receives a refusal. If he or she does not declare the refusal to the next company tried how does that affect the policy?

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: One example was given to the committee last week. Insurance company X sends a renewal notice. The person prices this against other companies and gets knocked back or refused for flood insurance by other companies. He or she must then go back to the first company, declare that refusal and is then refused flood cover. Is that acceptable practice?

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: Perhaps Mr. Horan might come back on that point because it was mentioned specifically. He stated that people could make representations to the IIF if they were refused insurance cover. Will he explain the clear path of appeal to the IIF in these circumstances? How do people apply? What is the success rate for appeals?

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: I welcome the witnesses and will begin with a positive point, namely, the working group has started to do its work. One of the points I made very strongly the last time this arose in the committee was the need for co-operation across Departments, the OPW and city councils in order to exchange data. The first question I would have is in regard to this point. At what stage is that process of...

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: It could be another year before we see concrete outcomes from this.

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: Would it be fair to call the Irish Insurance Federation a lobby group on behalf of the insurance companies? It has no regulation or code of practice for its members.

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: It would be fair to call the Irish Insurance Federation a lobby group on behalf of its members. One of its roles is-----

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: The witnesses gave us a figure for flood defence over the 12 years of approximately €697 million. Will Mr. Thompson give us an idea of the profit margins the Irish Insurance Federation's members have had over the past 20 years? This is really a case of spreading risk over a period of time and the insurers are always going to make some payments out. How does that work equate with the...

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: This is a question of risk over a long period of time, and that is really where we should be looking at the figures.

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: That is why I am suggesting it would be normal to look at this over a 20-year period.

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: It is not fair, then, just to say it paid out €697 million over the past 12 years. We would have to look at the profit margins over the past 12 years. Mr. Thompson is giving us a figure as to what the industry paid out on flood defence over the past 12 years but he is not able to give us the figure of the profit margins in all the insurance companies that are active in the Irish...

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: Over a longer period, the insurance industry has been profitable.

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: It is a fair comment, is it not?

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: I would appreciate that. By and large, insurance companies over a long period of time are profitable. It is not fair to look at one figure of a payout on flood defence without looking at the overall figures. That is the point I am making. Is that fair enough?

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: That is fine, but we also have to put in the third figure, which is the income of the insurance companies over that period. There are the costs of flood defence payments by the insurers and the costs paid by the OPW on flood defences over the 12 years but, in the other margin, is the insurers' income. To look at €697 million in isolation is probably the wrong manner for this...

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: If I can go back to the point the Chairman made at the start of the meeting, we have had other people before the committee referring to the insurance companies in Ireland operating as a cartel. I would have some concerns, given the examples they provided to us, and perhaps the witnesses could clarify those for the committee. The first example given to us was of the person who gets a refusal...

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht: Property Insurance: Discussion (Resumed) with Irish Insurance Federation (19 Mar 2013)

Kevin Humphreys: Does the average mentioned by Mr. Thompson include car insurance or is it confined to household insurance?

Written Answers — Department of Public Expenditure and Reform: National Lottery Funding Disbursement (13 Mar 2013)

Kevin Humphreys: To ask the Minister for Public Expenditure and Reform if he will consider including the words natural environment on the list of purposes to which National Lottery funds could apply in the National Lottery Bill 2012; and if he will make a statement on the matter. [13390/13]