Results 12,461-12,480 of 36,748 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: -----we would have more competition in the industry.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Are there two investigations?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Is one on price signalling, which would be-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Is the other investigation on access to data by competitors that might want to enter the market? Is that what needs to be proven, or not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Yes. That implies access to data that competitors would need to gain access to the market.

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 accept that dual pricing exists in the Irish insurance industry?

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 back with a second round on dual pricing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: Why is Insurance Ireland quoting gross incurred claims instead of net incurred claims?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Dual Pricing for Insurance: Discussion (Resumed) (21 Nov 2019)

Pearse Doherty: In relation to awards, net incurred claims is the issue that we should be dealing with.

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-----