Results 14,881-14,900 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Fair enough. It is up 24% over 2014 levels but it is still significantly below the 2011 levels. That said, that seems to be an outlier in the data contained in the insurance statistical review. Premiums have increased by 70% in three years but the payouts three years ago were just under €1 billion and were just over €1 billion in 2012 and 2014. While there has been a 24%...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: No, I am talking about premium growth over three years, which is about 70%. Premiums grew by over 38% last year alone.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: I hear all of that, but let us be straight with people. The insurance industry has been pointing the finger for premium increases squarely at the issue of increased claims costs. The level of premium increases far outstrips the actual increase in the amount of claims paid out by the industry. Insurance Ireland has repeatedly said that premiums are a function of risk and the amount of...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Are claims pay-outs going up again in 2016? Does Insurance Ireland have that data?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Maybe Insurance Ireland should say that a little more. Premiums have gone up approximately 70% over three years while overall claims pay-outs have gone up by less than 25%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: That is the reality. It is an important factor.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Mr. Thompson is saying there is a lag coming through. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Where is it headed, without intervention? Where are premiums going?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Mr. Thompson has put numerous ifs in there. The question is relevant whether there are no changes or no intervention in terms of legislation and awards and so on. I am not making any allegation around a cartel or anything like that. Where is this headed? Is there going to be an upward drift? Is that pattern going to continue unless something changes?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: What does that mean for premiums?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: In how many cases have insurance companies referred alleged fraudulent claims to the Garda? Do we have data on that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: I respect all of that. Do we know how many cases were referred to the Garda in 2015 or 2014?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: That is up to the Garda and the Director of Public Prosecutions. The question was how many cases have insurance companies referred to the Garda as potentially fraudulent claims.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Please do.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: I accept that.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Mr. Horan has cited it as one of the reasons behind premium increases.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Who should pay for the collapse of Setanta?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: It is the policyholder, ultimately. In any event, whether it be MIBI or the insurance compensation fund, it is the policyholder who is going to pay for it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Why have people with older cars and younger drivers being particularly hard-hit? What is wrong with an older car that has an up-to-date and valid NCT certificate and that is being properly minded by the owner?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (15 Sep 2016)
Michael McGrath: Does Insurance Ireland have data on the premium increases affecting cars over 15 years old? Does Insurance Ireland have that level of detail?