Results 12,681-12,700 of 26,032 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: If there is a solicitor acting on behalf of someone who is taking a case against an insurance company, what details is such a solicitor required to provide to the insurance company?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: Why have they gone up by 15%? I am fed up of all this discussion. No one is actually telling us what is the real position. We have been around this. FBD is a good company and great employers. We had a wide spectrum of people in this morning. I know from dealing with it myself that insurance costs are only going one way. We have solicitors and barristers telling us awards have come...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: Why?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: That is fine. Does FBD publish data to show the number of claims in any one year has gone up? Mr. McMahon is basing that on the number of claims going up. The marts told us that average rates have gone up by about 20% in the past year. If the number of claims has increased would FBD be willing to publish that level of data, to show that the claims and legal fees FBD is incurring have...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: I presume the company's year end is a December year end. Can Mr. Cahalan provide the figures for the level of claims FBD paid out in 2017, 2016 and 2015 and the make-up of that in respect of paying the claimant and paying the legal fees?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: The company is saying that its premiums are going up because the levels of claims and legal fees are increasing every year. A 7% margin is low. Obviously, if the volumes are very high, turnover is high. Mr. Cahalan said the company made a loss in 2015 and 2016. It made a 7% profit in 2017. He said we should follow the money. I am asking him to show me the money. I wish to see the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: With due respect, the witnesses are here because we do not physically have time to go through a pile of reports.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: I would love to have time to pore over FBD's published accounts for the last three or four years but I do not have that kind of time. I am asking this on behalf of the committee. I am trying to drill down into this. Everybody says the claims and legal fees are going up. By how much are they going up?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: However, there is a lack of transparency about it. If it was the case that the levels of claims and legal fees have gone up significantly, I would be able to say, "that is the case". The problem is that no matter what information we seek, it is never forthcoming. Various groups appear before the committee. My sugar levels are low today and I am calling it as I see it. When people appear...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: The company's legal fees have gone up by 15%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: By how much have the claims increased?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: What does that mean?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: At present.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: What would that have been in previous years?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: That means to cover overheads and margin the company is working off a 22% base.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: Only 22 cent of every euro of every premium is available to cover overheads and to make a margin.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: Okay.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: Why does it take so long? Why does it take three or four years to deal with a case?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: Mr. Cahalan does not believe the PIAB is working.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Costs for Community Groups: Discussion (24 May 2018)
Kieran O'Donnell: What percentage of the cases taken against FBD on behalf of policyholders is settled by the board?