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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: All we are doing is exploring the idea. We have seen it work in a similar jurisdiction, namely, the UK. There are things which if they can work should be considered. We did not have the time to do that during the relatively brief timeframe available to us last year. This measure is one of 71 actions contained in this report and I believe it is worthy of further consideration. No decision...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: That is a difficult hypothetical question to answer. The Deputy is asking if this report had been in place three years ago would it have prevented some of the things that have happened in terms of the increase in premiums. Many years ago there was a severe reduction in insurance premiums, from which the insurance industry is still recovering. The spike we have witnessed in the past year or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: It is difficult say that if this report had been in place three years ago it would have prevented some of the things that have happened because they might not necessarily have happened at all given the uncertainties that arose that were not necessarily expected. I cannot speak for the Central Bank but I am sure it would point to Solvency II and the changes that occurred in that regard play a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: No, I said uncertainties around the legal area are doing so, including the change in jurisdictional limits and the possible reduction of PPOs. As a result of the Setanta issue insurance companies are now incurring more cost in a claim even though it is not paid out. They are now reserving a greater portion of money. The report speaks to that increase. It has happened. The cost of claims...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: We do not. As I have said before, we are not trying to hit those deadlines; we are trying to get ahead of them.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: The Deputy will note that 71 actions have been recommended. There is a lot that has to happen. We have prioritised certain actions over others. As I said previously to the Deputy where we can we will, under protocol, put things in place quickly and we will then bring in legislation to ensure there can be no row-back from that position. We have already commenced discussions around what...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: A large increase would be something over 20%. We are currently working out exactly what information we want to see communicated to the consumer. My hope is that can be done with the protocol, and that the protocol is robust enough that the Deputy is satisfied with it. If it is not, that is where the legislation comes in.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: We are developing this at the moment. In that particular case, of course 20% is a very large increase. We can be flexible and see if we might come to a lower figure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: My view has not changed. It is very important that we make clear what the cost of the minimum mandatory insurance is, along with any additional costs. That is what we are currently developing. The Deputy talks about the timeline. We are guided by what the Central Bank will be able to do and prioritise. Certain issues have been prioritised accordingly. Their main involvement will be the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: Can the Deputy give me the page of the report?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: Or a more junior.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: It is unfortunate that the Deputy is not in the working group . The idea was to produce a public report to give people an understanding of the different issues considered, and the action plan to show where we are going and how we are going to get there. Very detailed conversations were had on each of these points. This is not like a piece of legislation, where the insurance company can...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: It refers to consultation. There is a wide scope for things to be achieved. This is not legislation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: However, there is legislation that may need to be amended.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: That will bring a requirement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: The Central Bank has a number of obligations and responsibilities under this report. The changing of legislation regarding the Central Bank is no small thing. There are a number of different proposals for legislation that has to be changed. There is nothing to say that it could not happen before the deadline. We are engaging with the Central Bank and Insurance Ireland all the time. This...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: It does not exist anywhere else in the world. We do not know how long it would take to build or how much it would cost. We do not know how useful it would be if we then have to aggregate the information.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: The national claims information database is going to do what we need it to. To ensure that we remain in line with issues raised by the committee, we will give it further consideration. However, on the basis of the conversations we have had with State agencies and others, this could take considerable time, cost a considerable amount and not have the utility that we want it to have in terms of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: The database will become available in the middle of next year. I did not want to wait that long to get useful information into the public domain. That is why there will be quarterly reporting by my Department on metrics we are agreeing at the moment to try to ensure an initial air of transparency and to show people this is moving in the right direction. The work is being done now and that...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Report on Cost of Motor Insurance: Minister of State at the Department of Finance (16 Feb 2017)

Eoghan Murphy: We are trying to agree the metrics, including what information the database will contain, how it will be managed, who will make the inputs, and how it will be collated. The outputs will then be made public. I am not entirely clear if the Central Bank will conduct and publish a trend analysis or whether its spreadsheet will be made publicly accessible online.