Results 11,921-11,940 of 35,639 for speaker:Pearse Doherty
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: How many personal injury claims were made against Aviva in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: I have worked the figure out. It is 2.5%. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: I do not mean the 800. I am asking for the ratio of fraudulent claims to personal injury claims made to the company. There are 4,000 personal injury claims each year and Aviva reported 100 of them to the Garda, which is 2.5%. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: What does Aviva do with the other 700?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Let us say somebody makes a fraudulent claim, which is a crime. Aviva believes that passing on the name and address of the criminal and the details of the crime is not of material assistance to the Garda, whose job is to prevent and detect crime.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: I return to the question of what happens to the 700 that Aviva does not report to the Garda.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Are our guests suggesting that Aviva fights every one of the 700 claims?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: We have heard that but we need to move on to other questions and perhaps Mr. Quinlan might be able to answer them. What is Aviva's claims ratio? I refer to the number of claims, or the amount that is paid out in claims, for motor insurance versus the premium earned.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: I would like to hear the figure from each of the companies.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: The claims ratio, that is, the amount that is paid out in claims as a proportion of the premium earned, is below the European average. European insurance companies have a higher claims ratio. They pay out more on claims compared with the earned premium they bring in. Do our guests accept that the European average is 76%, which means that each of our guests' companies has a claims ratio of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Is Mr. Brennan familiar with Insurance Europe and its work?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: All our guests have told us that the cost of claims is the major issue. When one considers the cost of claims compared with the premiums the companies bring in, however, the three companies appearing before the committee paid less in claims compared with the premium as a ratio. Do our guests accept that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: The UK's combined operation ratio is 110%. As Mr. Quinlan will be aware, insurance companies offset that loss by investment returns.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: At present. I can outline the figures-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Let us examine it. Has the number of claims made in respect of motor insurance in the past four years for which we have statistics, from 2014 to 2017, dropped or increased?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: I refer to the number of claims that have been made in respect of motor insurance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Would any of our guests be surprised to learn that there was a 25% reduction in the number of motor insurance claims across the industry between 2014 and 2017? It is a reduction of 55,000 claims.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Let us deal with the following facts. In the four years in question, there was a reduction in the number of claims by 25%. Mr. Farrell stated the cost of claims has risen but it has not. The industry, as a totality in Ireland, saw the amount provided for claims reduce from 2014, from €978 million to €954 million, or a reduction of €24 million. Does Mr. Farrell accept...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: Mr. Farrell stated it is not about the fact there is a 25% reduction in the number of claims but rather that the cost of claims has risen. I have given him the facts. Does he accept that the cost of claims to the insurance industry has reduced by €24 million in recent years?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (Resumed) (3 Oct 2019)
Pearse Doherty: In the past four years, the number of claims has fallen by 25%, or 50,000 claims, and the amount being paid out in awards by the industry has reduced by €24 million. What has happened to premiums in that time? Would Mr. Farrell be surprised to hear that his company, along with 14 other companies, increased motor insurance premiums by €669 million during that period?