Results 9,021-9,040 of 27,945 for speaker:Michael McGrath

Written Answers — Department of Finance: Insurance Costs (4 Apr 2019)

Michael McGrath: 65. To ask the Minister for Finance when he expects to progress legislative changes on insurance as part of the Consumer Insurance Contracts Bill 2017; the reason the legislative changes are not being drafted as a new Bill in its own right; and if he will make a statement on the matter. [15950/19]

Written Answers — Department of Finance: Mortgage Book Sales (4 Apr 2019)

Michael McGrath: 66. To ask the Minister for Finance if the Central Bank has been consulted regarding the intention of a bank (details supplied) to securitise mortgage loans; and if he will make a statement on the matter. [15951/19]

Written Answers — Department of Finance: Insurance Data (4 Apr 2019)

Michael McGrath: 67. To ask the Minister for Finance his views on the CSO report on indexing business insurance prices; his plans to roll out such an index; and if he will make a statement on the matter. [15952/19]

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: I welcome our guests from ISME and the Alliance for Insurance Reform. If I may, I invite Ms Linda Murray to tell her story as the matter of insurance for play centres is centre stage right now and it is representative of issues facing a number of other sectors too. These are areas with a significant public footfall, including pubs, nightclubs and restaurants, as well as other parts of the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: I understand Ms Murray's policy is due to expire.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: I thank Ms Murray. I am aware of another example in Cork where the quote provided for the next 12 months is €32,000. It is a play centre with which the witness is probably familiar. That figure is double last year's premium and more than six times the 2017 premium. That is the level of growth. The excess provision in the policy has gone from €1,000 in 2017 to €7,500...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: We can give a sense of the impact that will be felt if the trend continues. The witness states that Navan has a population of 40,000 people and the other play centre closed just six weeks ago.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: If Ms Murray's business closes, that will be it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: All this brings home the point that insurance is now centre stage in sporting, business and civic life, and part of our cultural identity as a people. I ask either Mr. Boland or Mr. McDonnell to identify what they regard as the core issues. They outlined them in detail in their submissions. Regarding the issue of awards, the claims environment and trying to stop and deal with the current...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: Absolutely.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: Does the Judicial Council Bill represent the right direction? If it is enacted and is implemented, will it make a difference to award levels?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: How big a factor is fraud? There are fraudulent claims and some claims may be exaggerated. From talking to nightclub owners, I have learned that fraud is a significant factor. They say that a high percentage of claims are completely bogus or exaggerated. What is Mr. McDonnell's perspective on this issue? What is the perspective of his members? Is the issue being dealt with? We have...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: I commend Ms Murray and the other business owners who have spoken out. In a sense, they have nothing to lose at this stage. Telling one's story and bringing the humanity of what is involved here to the fore is very important. Looking back at the work done by the committee on the tracker mortgage scandal, the tide turned when those affected by the tracker mortgage issue came before the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: I would like to welcome our guests as well. I will be relatively brief. I refer to the Judiciary's interpretation of the book of quantum. The fundamental point is that it cannot be too loose. If there is still a significant degree of discretion I am not sure we will solve anything. If the judge merely has to have regard to the new guidelines it is a waste of time. The application has to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: Am I right in saying that FBD Insurance's financial report encompasses its full activity, that is, there are no intra-group transfers, management charges etc.? It can be very difficult for us to get a true handle on the underlying financial performance of some of the larger international groups.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: Money flows in and out and the reported performance can be significantly influenced by management charges flowing in and out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: These reports reflect all of FBD Insurance. Nothing goes in and out apart from that activity. Very well. I refer to farm accidents and the tragedy of farm fatalities. The number of fatalities was 17 last year, down from 24 in 2017. That is a very large number of people dying on farms, which is an awful tragedy. There are many more accidents that do not involve fatalities but do...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: Is the trend improving as reflected in claims from the farm sector? Has there been a reduction in claims? What is the picture?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: In the financial report that came out in February, FBD Insurance said that more moderate inflation is evident across the claims environment though the cost of claims remains high. It went on to criticise the lack of urgency in the reforms. Is it the case that there is still inflation in claims but the rate of growth is easing? They are not falling. Can Mr. McMahon elaborate on what more...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Small and Medium Businesses: Discussion (4 Apr 2019)

Michael McGrath: I am not sure if Mr. McMahon heard any of the testimony during the previous session. Linda Murray, who owns a play centre in Navan, spoke passionately about her difficulties. It is 25 days away from potential closure. She cannot get a quote for renewal. It is symptomatic of wider problems, especially in businesses where there is public footfall. Where does Mr. McMahon apportion ultimate...