Results 11,501-11,520 of 26,037 for speaker:Kieran O'Donnell

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Some 42%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Then there is the 58% figure.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Am I correct in saying that of the 67%, 37% is in terms of awards and 30% goes on legal costs? I want to compare that with the figures Mr. McMahon has given us. Of the awards that are paid out in personal injury cases, I want to establish the breakdown between the awards and legal fees.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Some 80% goes on legal costs and is it only 20% that is the award?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Some 30% of the 58% is legal fees.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: That means 28% is the award.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: I am trying to establish in terms of the paying of a personal injury award what percentage is the compensation award and what percentage is legal fees.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Legal fees.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: I will move on to Mr. Bradley.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Of the 65% to 70% figure, on the personal injury side, Mr. McGrath said that for Allianz the figure is 70% and approximately 30% goes on legal fees. What is AXA's breakdown for personal injury claims?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: The breakdown ratio is roughly 70% and 30%.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: I will move on to Ms Muldoon of FBD. The representatives of AXA and Allianz have said they get approximately 5,000 personal injury claims each year. I ask Mr. McMahon how many personal injury claims FBD would settle a year.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Based on the figures, can I have a breakdown of how much is paid out in terms of €100 of premium taken in? In the case of AXA, Mr. Bradley indicated that of €100 premium taken in, 95% is paid out. In the case of FBD, will Ms Muldoon indicate with respect to €100 of premium taken in how much is paid out?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Some 89% is paid out. What is the make-up of that 89%?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: So it is equivalent.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: What is the breakdown on the personal injury side between the awards and the legal costs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: What does Ms Muldoon think it is?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: I accept that. I want to be fair. Has Mr. McMahon been selective in what he has picked? He picked four claims, one of which is a stress claim. There was a settlement of €60,000, and €73,000 in costs, which means that 55% of the overall payout was in legal costs. The second case related to an injury that occurred in a car park. Mr. McMahon stated there was a claim of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: When people use the phrase “complex issue”, it is normally a way of not wanting to-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)

Kieran O'Donnell: Ms Muldoon is a representative of a large company. Such companies have access to data to which we do not have access. They analyse data and employ actuaries to examine projections and costs. Ms Muldoon should not state that it is complex.