Results 11,361-11,380 of 26,032 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: No, in 2018.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: The company made a profit in motor insurance. Mr. O'Rourke has said that in the financial lines, the issue was a provision coming forward from previous years. In liability, the company made a loss. Did AIG make a profit in 2018?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: How much of that loss was from previous years? Mr. O'Rourke referred to payments in respect of previous years.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: How small? Was it more or less a break-even scenario?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: An overall loss of €5 million. Would it be fair to say that the company almost broke even? How are things looking for 2019?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: Do the figures provided by Mr. O'Rourke relate solely to AIG's operations in the Irish market?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: That is the total for 2018 for the Irish market. Is some of it for operations overseas?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: If we just drill down into the Irish market, how did AIG do?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: The company made a loss in the Irish market.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: During previous engagements with insurers, FBD representatives spoke about high levels of fraudulent claims. Will the witnesses outline briefly the percentage of claims they believe are fraudulent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: One in five personal injury claims, which is 20%, are fraudulent.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: The company reported one in five of that 20% to An Garda Síochána.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: I direct the same question to Mr. O'Rourke and Mr. Brennan.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: What percentage of claims does Mr. O'Rourke believe are fraudulent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: What percentage of the claims does the company believe were fraudulent?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: That is the number for the claims the company paid out-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: Mr. Brennan is estimating that fraudulent claims amount to roughly 6% or 7%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: I have been looking at previous profit figures. Is AIG Insurance part of the AIG Europe group?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: Mr. O'Rourke said there were €30 million in losses on €280 million of premiums. Is there a group management charge from AIG Europe that is distorting the figures?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)

Kieran O'Donnell: So the figure for losses of €30 million is not distorted.