Results 8,721-8,740 of 15,555 for speaker:Eoghan Murphy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: I cannot speak for the Injuries Board in this regard either. However, I have heard no negative feedback about the examination being done by the board and the Department of Justice and Equality of the legislation that underpins the board, which has already commenced in line with the recommendations, or about the review of the book of quantum and its possible future iterations. As regards...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: From my interactions, I would not assume that there has been no buy-in from the Judiciary into what we want to achieve.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: I have not seen the report's detailed recommendation. In our work, however, we have come up against certain constitutional road blocks that affect what we can do regarding personal injuries, including soft tissue ones. What is clear from the relevant data that I have seen is that we are outliers when it comes to award levels and the number of claim applications. A personal injuries...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: I am unsure as to what the Senator means by "special regime". I have not read the recommendation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: The Senator is right. The idea that we would blame people who have made a legitimate claim is unfair. The purpose of an insurance company is to pay out on claims when an accident happens. That is insurance. We must maintain that at the core of a properly functioning insurance market, but we must also recognise in the information that we have seen that fraudulent or exaggerated claims are...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: Absolutely.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: I thank the Deputy. We just touched on this with his colleagues on the committee around getting the right data. In our emerging recommendations, which will be finalised in December, we will be doing this through legislation. The working group has found it difficult to get the information we want from the industry, in so far as trying to drill down into some of the problem areas, including...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: Deputy Doherty is absolutely right when he speaks of the control of data being key and data being presented in a certain way to make a certain impression. This has been part of the difficulty we have all had in trying to get to grips with what has been happening over the past number of years. Companies have used their data in their own way as part of this blame game, and that needs to end....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: This is the way the interaction has gone. I do not want to paint a particular picture of the industry but the control is an issue and the fact that a commitment given is interpreted one way, either intentionally or not, and then afterwards it does not stack up. Legislation has to be brought in and this is going to be one of the priority areas for that legislation. I did not mean to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: We talked about-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: We did not actually talk about it as a question. I mentioned the €50 figure in an earlier exchange. One of the things I was able to do during this work was to take an in-depth with an actuary into how premiums are calculated and all the different metrics that go into the calculation, including a person's credit rating potentially, which happens in other jurisdictions, the colour of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: I will check with my officials to see whether a body such as Insurance Ireland has produced anything to back up the figure of €50 put on the level of fraud. I understand the industry is looking at what is happening internationally. I disagree with the Deputy; we should absolutely use the industry's figures. If it states the figure is €50, we should say we will tackle the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: The rationale the industry has given is that it cannot know how many fraud cases will get through but that it has ways to calculate the figure. It has mentioned a figure of 1%. I am not saying I am satisfied with this answer from it, but there are a number of recommendations emerging that speak to how we can combat fraud such as looking at the sections of the Civil Liabilities and Courts...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: Given the spikes we have seen, €50 is not a significant element. We have spoken about information and data being central to everything. Some companies claim €130 is added to every premium because of the high prevalence of whiplash claims and the high awards made. Various figures are added, including €35 for uninsured driving and €50 to €55 in respect of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: That is a very important point. It was strongly made within the working group - by one of the subgroups that is examining the claims element of it - in the context of ensuring that we would not do anything that would undermine the protections that are currently in place. The point of insurance companies is to pay out on claims. That is why they exist and that is why we have insurance. It...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (24 Nov 2016)

Eoghan Murphy: I thank the Vice Chairman.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I shall respond to Deputy Doherty's point. His comparison with 2006 is an interesting one because it shows a massive structural imbalance in terms of how property was invested, or the investment around property, in Ireland at the time. Of course we are talking about a real bubble event. The Deputy and I both know that from the work that we did on the banking inquiry. I refer to the almost...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: Yes.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: May I respond?

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: That is okay.