Results 11,201-11,220 of 26,032 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: That is a reduction of 40%. What was the average court award? I am assuming the figure includes the District Court, Circuit Court and High Court. Am I correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: What about all courts? That figure was for one specific court.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: Which is a judgment call by the insurance company.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: By what?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: If the cost of personal injuries claims came down, would there be a direct correlation with the reduction in the cost of insurance premiums? If personal injuries claims costs reduce by 20%, would we see a 20% reduction in insurance premiums?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: Does Insurance Ireland own a database on claims?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: I am aware of that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: On the specific issue, do the member insurance companies have access to the aggregate claims data Insurance Ireland compiles?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: How do the delegates view legal fees in the context of insurance premiums? This has not been mentioned to date.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: I do not buy that analysis. If one is providing reserves based on a combination of actual awards plus expected awards, that is a finite and absolute figure and that figure is then built into a provision within the accounts of the individual insurance companies which dictates the overall level of the premiums they will charge. If the overall number of claims is down by 55,000 and the overall...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: The point I am making is that, for the incurred claims, the element that is provided for expected claims is a judgment call. One could make the case that an insurance company is being very prudent in that it errs on the side of caution and it ups the amount it provides. The trend is that the number of claims overall has gone down by 20% and court awards have gone down dramatically - by 40%...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: Prudence is not an excuse for overcharging.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: I want to turn to Mr. O'Leary. What powers does the CCPC have? I am more interested in the CCPC coming to a decision around the whole area of price signalling. What real powers does the CCPC have?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: Are CCPC decisions legally binding?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: If the CCPC takes an insurance firm to court, what are the size of the fines?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: There are no fines at all.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: If the CCPC finds against insurance companies and says they are price signalling, there is a slap on the wrist.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: I would.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: Mr. O'Leary would not disagree. How does a case go from being price signalling to a cartel inquiry?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Kieran O'Donnell: Let me paint a hypothetical picture. People meet in a back room and agree a pricing structure. They go out the following day and one of them puts something into the media and they price signal. What is the difference?