Results 9,461-9,480 of 35,575 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: The guidelines were adopted by the Judicial Council not weeks ago but months ago. They took effect on 24 April but Mr. Brennan is well aware of them. People are being charged by his company for renewal of motor or business insurance and are not getting the reduction, despite Zurich knowing damn well that if there is a claim in that policy over the next 12 months, the cost of paying out on...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: Euro for euro, will the savings made by Mr. Brennan's company be passed on to the consumer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: Without signalling the level to which prices will fall, will Mr. Brennan outline to the committee the average cost of, for example, third-level injury costs, which in 2019 amounted to €295 per policy? Where does he expect that figure to be for the next 12 months?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: That is very much changing the tune after the fact, given that-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: On the previous occasion, it was all about the number of minor soft tissue injuries and how that needed to be dealt with. It was dealt with, which went beyond the expectations of Mr. Brennan as CEO-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: It was not 50% but 60%, and the guidelines have been in place for the past month. I have carried out a survey in which I asked people to tell me whether their premiums had decreased, increased or stayed the same. We received more than 1,000 responses from people who have had renewals in the past three weeks since the guidelines came into effect. Is Mr. Brennan surprised that 61% of them...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: I ask the representatives from Aviva the same questions. When is Aviva likely to pass on the significant reductions? It is pocketing large sums as a result of premiums it has been writing over the past three weeks, knowing damn well that the awards that will be paid out, if they are to be paid out on these contracts, will be significantly reduced. When are motorists and businesses likely...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: Is Mr. O'Rourke trying to spin me the yarn that most of this is already priced in? Is this really what the insurance industry is trying to say now, that it expected this so it started to reduce premiums last year and this has to be counted into the equation? Is this the tale Mr. O'Rourke is trying to tell?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: I do not want to go over old ground but I always like to look at the facts. The national claims database held by the Central Bank provides us with a rich amount of facts. The facts are that over the past decade the cost of claims has reduced by 9%, the number of claims has reduced by 45% and premiums have increased by 35%. One of the most significant things that has happened in the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: The savings came into effect three weeks ago. When are the companies likely to pass them on? They are not doing so yet.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: My next question is for FBD. When are we likely to see the savings passed on to its customers? Why have they not been passed on up until now? Will the company commit to passing on euro for euro savings as a result of the reduction in awards to its customers?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: The company has already applied it. I will give another example from the survey of an FBD customer, again comparing like with like. The same car has not had a previous claim and last year's premium was €550 and this year's premium is €635. In another case, last year's premium was €1,300 and this year's renewal quote is €1,450. How are premiums increasing if the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: My next question is for Mr. Brennan and Mr. O'Rourke. Their companies, Zurich and Aviva, are in the top seven insurance companies in Ireland. They are also in the top seven in the UK. Will the witnesses explain to the committee what are the responsibilities and requirements on their companies since the British Government reduced the cost of whiplash awards? What do they mean? How do the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: Let me be clear. In Britain, Mr. Brennan's company, along with all of the other six largest companies in Ireland, has to satisfy the FCA as to what the cost of claims would have been before the awards were slashed, what the cost of claims are after the awards were slashed, what the premiums would have been if the awards had not been slashed and what they are now. This is the way the British...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: Mr. Brennan says that is not worked out in Britain but it is. It is part of the 2018 legislation, which has taken effect. Let me make it clear. Does that include that the companies would provide the expected cost of claims prior to the reduction in awards, the cost of claims now, subsequent to the awards being reduced, the premiums if the awards were not reduced and the premiums now, as a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: It is doing it in Britain. It is a legal obligation on the company that it has not resisted in Britain.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: Mr. O’Rourke's company also has the same obligations. These are the regulations and they are quite detailed. If his company is not aware of what they are in Britain, I can send them on to him. It is all worked out.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: I am not expecting that. However, when Mr. Brennan said they are not worked out, my point is that the regulations are here, they are worked out and they are quite detailed. What I am asking is whether the companies would be satisfied to provide the same information to the Central Bank here? I have no faith that the insurance companies are going to pass this on, euro for euro. That is my...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: How are Aviva and Zurich preparing for the FCA pricing remedy on dual pricing to be announced at the end of May? How they are going to respond in regard to pricing? What is their response to the FCA predicting that premiums will reduce, so insurers will not lose market share? What are their views in regard to the legislation that has passed the Dáil and will come before this committee...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Developments in the Insurance Industry: Discussion (19 May 2021)

Pearse Doherty: My final question is to FBD. It was very interesting to hear Mr. O'Midheach talk about FBD welcoming the legal challenge and so on. While it might have welcomed it, it fought it tooth and nail, and that is the reality. The Central Bank made it very clear that the Government's announcement for pubs to close was to be deemed not a voluntary closure but an enforced closure. What did FBD do?...