Results 11,361-11,380 of 35,639 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: There is an old saying about statistics and how they can be misinterpreted or presented to support one's argument. We now have Insurance Ireland talking about the net incurred claims costs as opposed to the gross incurred claims and so on. If we deal with the net incurred claims, do the witnesses acknowledge that the net incurred claims from 2014 to 2017 dropped by approximately €24...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: In 2014, was it not €978 million-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: -----and €954 million in 2017?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: I will come to that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: I am going to come to reinsurance. Mr. Horan should not try to second-guess my question. We know that net incurred claims dropped from 2014 to 2017. I am using that period because it was a period in which motor insurance premiums increased by in excess of 50%. Mr. Horan will argue, as he has done, that he has to include the cost of reinsurance. The difference between written gross...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: I understand that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: To repeat the question, the difference between the gross written premium and the net written premium would be the reinsurance part of it. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: Between 2014 and 2017, gross written premium increased by what?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: That would be €700 million extra that motorists would have paid compared with 2014. Would that be correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: That is right.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: That would also increase the number of claims. Claims reduced substantially during that period because there were more motorists and one would think there should have been more claims, but that was not the case. They actually-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: Okay, yes.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: Yes, absolutely.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: Going back to the point, as a population, motorists paid €700 million more in 2017 compared with 2014. That is correct.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: I know that. Mr. Horan has made that point. Will he just accept the-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: We understand that. We are talking about the total. As Mr. Horan said, reinsurance is an issue. Mr. Horan is making the point that the net figure, which is what was incurred by the insurance industry in terms of payouts and claims, fell during that period but that we need to look at reinsurance. When Mr. Horan takes the issue of reinsurance into account, did people still pay more? Did...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: There is a direct link between the net premium earned and the net claims incurred because net claims incurred not only include the claims paid out in that calendar year but the provisioning for future claims in future years. Is that not the case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: I know, but there is provisioning on the basis of the risk profile within the population at that time.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: I have a few brief questions. One of Insurance Ireland's aims is to ensure that the industry protects consumers. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)
Pearse Doherty: Does Mr. Hassett believe it is fair that when somebody amends their insurance policy, he or she can be charged up to 50% of the premium they are charged? I will give him two examples. I will not mention any company. A husband who is putting his wife as a named driver on his policy enters the date of birth inaccurately. He puts down 1959 as 1958. He spots the inaccuracy, telephones the...