Results 11,081-11,100 of 26,493 for speaker:John McGuinness

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: That statement did not come to the committee from Zenith. It may have come from Zenith at some stage, but I am referring to the statements that were made to the committee by witnesses such as Irish Road Haulage Association or other groups that came before us, who seemed to think that the Central Bank is not being given the full scope of information that is available to Insurance Ireland....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Does the Central Bank have all the figures in respect of the claims histories of insurance companies, including claims-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: -----settled in court and out of court?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Is it Mr. Roux's contention that there is sufficient information and data available for a company coming into the Irish market to inform it about the Irish insurance market?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: I am not referring to a specific company but any company that might come here looking at the market and analysing it. Mr. Roux is saying there is enough information-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: -----publicly available and through the Central Bank to inform a company as to its decision.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: From reading Mr. Roux's opening statement, I take it that he believes premiums will remain high and may even go higher.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Is there anything Mr. Roux can do in the context of regulating the industry that will bring down those claims? People looking for insurance feel they are being screwed, they feel that there is a cartel in place that will shoot these premiums up, and they look to the Central Bank to regulate all of those queries out of the system to be examined. They do not get that sense of confidence from...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Did Mr. Sheridan not say to Dr. Roux, for example, that the alarm bells rang in 2012 with €34 million of a loss, and then immediately, in 2013, it went to €189 million? Did Mr. Sheridan not say that from the experience in the banking sector, there is something definitely out of kilter here and the Central Bank had better take immediate action, as anyone else would do?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: The Central Bank did not take effective action-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: -----because the insurance premiums went up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: The insurance premiums have gone up.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Who is Dr. Roux defending? Is he defending the insurance companies or is he defending the consumer?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: That is for sure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: The losses in 2015 were €333 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Dr. Roux is telling me that the shareholders of these insurance companies stumped up €333 million.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: Have they paid it up?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: They are a decent bunch.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: I would suggest to Dr. Roux that those paying the premiums have contributed a significant amount of money also.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Costs of Motor Insurance: Discussion (Resumed) (6 Oct 2016)

John McGuinness: I do not know whether Dr. Roux is aware of it but the people I and many other Members of these Houses meet are telling us that the behaviour in the insurance market is such that one can have a premium offered at €1,000 and it can be reduced if one applies pressure, and it can go up beyond the scope of the finances of an individual for unknown reasons. We do not know why premiums go...