Results 9,401-9,420 of 35,567 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Can Mr. Bradley talk to us about the points made? Take, for example, people who renewed their policy in January. Is Mr. Bradley saying these people have had an 80% reduction on average from the price 12 months ago?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: So it is not the 600,000 customers because many of them have not renewed. It is only those renewing at present and who will renew in future.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: What Mr. Bradley is telling the committee is that those renewing over the past month or so, since the guidelines came into effect, are seeing an average of a 10% reduction in their premium, given that the average premium in the State is €676.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: What should those customers do who may not have seen a reduction in premium when they renewed in the past month with AXA, and who may have seen increases despite the fact they have the same policy, the same car, no claims, no additional penalty points or any penalty point? The CEO is telling us there is an average 12% reduction across the board.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: In advance of the insurance companies coming before the committee, we wanted to get a sense of what is happening in the sector and we asked people to give us unvarnished information. Some of them sent in their policy documents and we really appreciate it. So far, we have had 1,361 responses. Mr. Bradley will be glad to know we got the most responses from people with policies with his...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Is Mr. Bradley giving a commitment that people who have a like for like policy should see a reduction in their premium if they renewed in the past three to four weeks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Not only have people given us their policy documents they have also given us their comments. One individual saw the premium increase from €850 to €880. When asked for views on this, the person said that it is extortion, that the prices are way too high for customers who prefer to stay with one company, that they get punished for doing so and that there is no loyalty. When...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: A total of 59% of the 132 AXA customers who have been in contact with me, who Mr. Bradley says are not being punished for their loyalty, have seen a premium increase at a time generally when premiums are decreasing and should be decreasing. As a result of the personal injury guidelines, premiums should further decrease, as the insurance industry told us, by up to 20%. The industry told us...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Will Mr. Bradley sign up to the same level of scrutiny the company is subject to in Britain? Since the cost of awards for whiplash was cut, AXA, along with AIG and other companies, has to provide to the UK Financial Conduct Authority the level of premium that would have existed if the claims had not been cut and the overall level of awards. Will Mr. Bradley sign up to the same level of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Mr. Bradley would be happy with the same level of oversight as exists in Britain. As I am sure Mr. Bradley is aware, in Britain the company has to show the UK Financial Conduct Authority what the level of premiums would be if the awards had not been cut, so it can be very clearly identified whether all of the reductions in awards have been passed on to the consumer. Is Mr. Bradley saying...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Mr. Bradley said AXA does not price walk and this is the second time he has told the committee this. The Central Bank, in its initial report, called into question the views of some companies in the insurance industry, without naming them, and the suggestion they are not involved in price walking. Have the witnesses satisfied the Central Bank, in their communication with it, that their...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: May I take it the witness is rejecting the main assertion, which is the interaction, price signalling and collusion, both privately and publicly, between the named seven firms? Do the witnesses reject the CCPC's initial findings? They are aware that the next option for the CCPC is to begin civil proceedings, unless under section 14B of the 2002 Act assurances are provided by the companies...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: What about private interactions with other companies mentioned by the CCPC?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: So has the CCPC just made this up? Did its personnel wake up one morning and dream this up after an ongoing investigation lasting four years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Okay. I will get back to AIG. Is AIG or has AIG been involved with price walking and dual pricing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Hang on a second. New business premiums are made up of a different cohort of motorist. For example, they include younger or first-time drivers coming to the market, so premiums will naturally be higher. Just answer the question please. Is AIG involved with price walking or dual pricing? Will the witness state this clearly? Has the company been involved with the practice?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: We can go through this with every insurance company and they will all tell us the same bloody thing, which is that none of them is doing this. Again, the Central Bank must be dreaming this up. A comprehensive report has been published that indicates very clearly that a loyal customer of an insurance firm in Ireland is punished as a result of that loyalty. For example, if a customer has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: The banning of dual pricing would not be a problem for either of these companies as one does not do it and the other suggests that it rewards loyalty. Is that the case if we considered the banning of dual pricing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: Okay. I will ask about fraudulent claims. The industry continues to assert that up to 20% of claims are fraudulent. How many fraudulent claims were made in 2019 and 2020, according to AIG and AXA?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (Resumed) (26 May 2021)

Pearse Doherty: What were the numbers for AIG?