Results 6,261-6,280 of 10,460 for speaker:Gerry Horkan
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: Are they staged accidents?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: And about half of those are caught.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: Does the industry share that information? Does FBD identify people who have made multiple claims, regardless of whether they are awkward and accident prone or otherwise? There must be people in the industry of whom fraud is suspected and with whom all of the companies have experience. Are insurers sharing that information and those names with each other?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: That is the case if it a different insurer is involved. Presumably, that insurer can have access to the history of the claimant.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: In a case, however, where an insurer knows that somebody made three claims and then moved to another insurer and also knows that there is litigation with the other insurer, it cannot inform the latter of that fact.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: I accept that. I met people from the car rental sector last week. In the Seanad, we passed the entire Committee Stage, including 79 amendments, of the Judicial Council Bill in one night. That will hopefully move us some way towards achieving something. Other Bills have taken much longer in the Seanad but this one was all done in a single session. We extended sitting times on a Tuesday...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: One of the points Mr. McMahon is making is that there is an incentive involved. There would not be as many people applying for compensation if whiplash claims were resulting in awards of €1,500 rather than €15,000 or €25,000. The point has been made that if one tries to rob a bank and one is caught, one will possibly go to jail and have a criminal record. What happens...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: There is a lot of hope there.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: I want to understand FBD's motor insurance book. FBD has a book of however many customers to whom it provides premiums.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: So 11% are making claims and of those claims Mr. McMahon reckons 10% are fraudulent and 10% are fraudulent that are not caught. Of the 80% that are left what are the really hardcore and legitimate claims of the sort that every other country pays out on? Is it 40% or 50%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: That is what insurance is for and no one in this committee is trying to dispute that. If a person is in a car accident more often than not there is more than one side to the accident but usually one side is more at fault than the other. Nobody is disputing proper claims but what if a certain number of people come along and say "My car got a tip and now I have mental trauma, anxiety and my...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: That goes somewhere to answering the question I asked: if you were us what would you do. Is any technology in place to look at the behaviour of the person who pays the premium to FBD, for example, a camera within the car monitoring the driver's behaviour, seeing if he or she is texting or taking calls, and keeping track of the speed limit?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: The legal fees on top of that could be another 40%
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: Keep going because this is the only time we are going to see them. Give me two or three more examples.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: I thank Mr. McMahon and perhaps he might come back in during another response on solvency.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: As members will be aware, they should have a certain amount of regard for the Judiciary.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: I believe the Senator has made the points well, but a certain amount of respect must be held for another arm of the State.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: The Solvency II directive requires higher reserves and so on, which may be reflected in higher premiums. Has its impact settled down at this stage?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: Does that include higher premiums? Were they in the past a requirement to get to the reserves FBD needed to hold? Is that greater now than might have been before?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)
Gerry Horkan: In a boom.