Results 10,421-10,440 of 10,460 for speaker:Gerry Horkan

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I welcome Mr. Mark Fielding from ISME, Ms Patricia Callan and Ms Linda Barry from the Small Firms Association, and Mr. Neil Walker and Dr. Michael Gillen from IBEC to this afternoon's session to discuss the rising costs of motor insurance. I have a small notice regarding privilege which is a bit like the air hostess notices on aeroplanes. I draw the attention of witnesses to the fact that by...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I call on the IBEC representatives to make their opening statement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I thank Dr. Walker very much. As in our earlier sessions, we will allow various members of the committee to put questions to the deputations. We will then allow the latter to address the queries rather than have a series of different people all coming in at one time. Would Senator Conway-Walsh like to start?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I thank Senator Conway-Walsh. I do not believe she asked a question but she endorsed what was said by many others.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I support the Senator's endorsements. The witnesses have put their cases very well. There was a slight difference of opinion. The perspective of IBEC is that legal costs are rising versus Mr. Fielding's comment that the costs have not changed that much. We have heard the same stuff for the past two days, so we have been here before. That is the slightly depressing or disappointing aspect...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I thank Deputy O'Rourke. I think his main question is really the last question which was written down in front of me. It was a question I was going to mention. We will have representatives of Insurance Ireland before the committee next week. We had the Consumers' Association of Ireland in just before the current witnesses and we asked the representatives if they had engaged with Insurance...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: Was that five or six, or 20 or 30?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: I want to develop that point a little because it is a very relevant one. Between PIAB and the courts we are getting visibility to a certain extent on about 30% of claims. We do not appear to have any visibility on 70% of claims, where legal costs could be at 90% or at 9%, but we do not know. Mr. Fielding's comment, which I do not doubt is perfectly accurate and valid, is on Injuries Board...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: One could take the view that claims costs have not changed, but the insurance industry will come in and say it is settling so many claims because companies cannot rely on going to courts where one judge gives €15,000 and another gives €75,000 for the same injury. I do not want to put words in their mouths but I want to be sure of what Mr. Fielding said. It is Injuries Board...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: Of course.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: It is a lack of data.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: Since our private session yesterday morning, where I asked about it in reference to the IBEC contribution, every committee member who has spoken has asked whether there is an opportunity to broaden this set of sessions to business insurance and insurance generally. I am getting restaurateurs, publicans and hoteliers all saying that their insurance costs are increasing massively, which has...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: For my own clarification, Dr. Gillen is talking about somebody or some organisation trusted with all the data, which comes out in aggregate form which the industry is collecting and which shows it is spending a certain percentage on legal costs, on medical costs, on material damage repair claims, on injuries and so on in order that we see how the motor insurance industry is performing in its...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: That is what we have all been talking about from the very first moment yesterday morning. We all have buckets of stories and anecdotal evidence, which is all true in itself, but the data in totality may not reflect it or may absolutely reflect it. We just do not know. The only thing we know is that motor insurance premiums have gone up by 36%, 38% or 40% in the past 12 to 15 months. I am...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: And we are all paying for it now.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: We take that point. The likelihood is that any new entrant will go in to get business for themselves, but that will, by and large, be at the expense of other business, particularly in something like motor insurance. One does not create extra motor insurance just because one enters the market. One can argue in an airline scenario that if one drops the price enough, people travel more, but...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: The incentive is gone.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: We have had a very productive and helpful discussion from all of the witnesses, whom I thank for their opening statements and the questions and answers session since. Motor insurance premiums went up by 35 to 40% in the last year. What does each organisation believe to be the number one reason - or two or three reasons if the witnesses need them - for this rise in the past year? Is it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: Without putting words in Ms Callan's mouth, she does not buy into the idea that super-normal profits are being generated here.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (8 Sep 2016)

Gerry Horkan: Not without the data to substantiate it.