Results 10,241-10,260 of 10,460 for speaker:Gerry Horkan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: I am sorry. Whose database is the penalty points database?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: I am conscious of time. If somebody says they do not have penalty points when, in fact, they do, are they then penalised on their premium for telling lies?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: I accept that but I am talking about when the insurance company is raising the premium. One is putting in one's application and being quoted a figure and perhaps one is refused because one has denied that one's penalty points exist. How does that work? For those people who have told the truth and will suffer the consequences if they have penalty points, there should be some deterrent to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: They do that anyway. Is there any penalty for having told a lie?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: Without the data.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: Mr. Horan is saying there is volatility in the claims environment. We know the court award figures did not increase by 38% in a year and the Injuries Board figures did not increase 38% in a year, yet insurance premiums have gone up 38% in a year. Mr. Horan needs to reconcile that with us. I will let other members of the committee develop that point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: Before I call Deputy Michael McGrath I wish to point out that when Deputy McGuinness was chairing the meeting, he asked what data were not being shared. The witnesses said that everything was being shared but then said that everything that had been asked for was being shared. They also said that there was a need for more work and a scoping exercise. There is an inherent contradiction...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: I know but the Chairman, Deputy McGuinness, asked Insurance Ireland earlier what was not being shared. Mr. Thompson said that Insurance Ireland had been sharing everything it had been asked for, but it then emerged that it has not been able to deliver everything it has been asked for, so there is an inherent contradiction in that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: I apologise and do not mean to jump in but on the same point, is it the case that no one in Insurance Ireland is collating all these data? It is going in individually by member. The joint committee is trying to look at profitability or otherwise and has heard the statement regarding €20 to €30 per €100, but no one is taking the motor insurance business of all the people...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: Those are what? Is that individual data stuff? Is that regarding individual names and individual histories?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)

Gerry Horkan: It would be of benefit to bring Insurance Ireland back at some point. At the end of this session, which is the star session of this whole thing, because everybody else was building up to what Insurance Ireland would have to say, we still do not have any clear answer as to why we have had a 70% increase in premiums over two years. We saw how much extra we are getting. There is about a 25%...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: Apologies have been received from Deputy Sean Sherlock. I remind members and witnesses to ensure their mobile phones are switched off. This is important as they cause serious problems for broadcasting, editorial and sound staff. This is session A on the rising cost of motor insurance. We will meet representatives of the Injuries Board and the Society of Actuaries in Ireland. I welcome Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: Mr. Dunne will make a submission on behalf of the Society of Actuaries in Ireland.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: I thank Mr. O'Brien and Mr. Dunne for their opening statements, which were sent to allow us to consider them in advance of the meeting this morning. Clearly, both witnesses' organisations are very informed as to what is going on within the insurance industry, particularly motor insurance. A number of members have indicated that they wish to put questions. Generally, we allow each member to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: I will ask Mr. Dunne to come in first.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: We were told by one person last week that there are 22 players in the Irish motor insurance industry and by somebody else that there are five main players. If you agree that there are five main players, they are nearly all multinationals with operations in both Ireland and the UK. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: They have the IT and central services somewhere that have done this type of work for the UK already.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: We cannot be very different in terms of our market, laws, legal system and so forth.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: Is the society a member of the Minister of State's working group or has it made a submission to it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Gerry Horkan: On Senator Conway-Walsh's question regarding a symbiotic relationship with the industry, obviously our guests are professional people who have qualifications and so forth. Most people understand the profession and consider it very important. Are most actuaries employed by insurance companies or are many of them working on their own behalf as consultants? What is the breakdown in that...