Results 14,901-14,920 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: Are the positions of individual companies publicly declared?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: I welcome the witnesses from both organisations. Several weeks ago Aviva insurance wrote to its customers by e-mail in which it stated Ireland has the highest claim award levels in Europe. It pointed out the average pay out for whiplash in Ireland is €15,000 while it is €3,000 in Italy and Spain and €5,000 in the UK and that 80% of motor injury claims relate to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: To be fair, the board is in a better position to critically analyse those claims. It is dealing with thousands of claims every year. Do 80% of the motor injury claims going through the board have a whiplash element?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: That is what I am asking about.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: Aviva’s figure is reasonably accurate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: The board has not seen a change in the make-up of, nature of or the pay-outs in claims to warrant the increases we have seen in premiums.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: Of the 33,000 personal injury related claims the board receives every year, how many are settled by way of an agreement through the injuries board process?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: Approximately 7,000 claims represented the end of the matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: With the information we have, of the 33,000 claims that come into the Injuries Board, approximately 7,000 end up with an award through the board, and that is the end of the matter in respect of those claims. How many would be rejected by the board? They can go to court if they wish but, typically, of the approximate 33,500, how many would be rejected?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: We do not know the split of that in terms of the percentage settled through the board and those settled directly.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: I fully accept that the data gap is huge and needs to be dealt with. We do not know the number of claims that are settled before they even come to the board, but of the approximate 33,500 that knock on its door, how many reach finality through the board? It would appear that it is only one fifth.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: I have a few more questions. I am aware that the book of quantum is being updated in cases that go to court. Do the courts have to have regard to the book of quantum? Is it binding on them? What is the status of it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: In terms of "have regard to", is it a case of "whatever you're having yourself"?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: My final question is for the actuaries. Their presentation seems to rationalise the reasons premiums have increased so much. They set out the background and the reasons and, in a sense, a justification for it. They do not reach any conclusion as to whether it is justified, but do we have data on the financial performance of the Irish arms of the multinational insurance firms? The...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Rising Cost of Motor Insurance: Discussion (Resumed) (14 Sep 2016)

Michael McGrath: Is that on an aggregate basis?

Committee on Budgetary Oversight: Pre-Budget Statement: Irish Fiscal Advisory Council (13 Sep 2016)

Michael McGrath: I thank Professor McHale and his colleagues. Picking up on Deputy Chambers's theme of the overall package and the €2.4 billion, of which €1 billion is the headline, as has been much discussed, his words are very carefully chosen, as they always are, when he talks about it being at the limit of the range of prudent policy. Is that another way of saying it is just about...

Committee on Budgetary Oversight: Pre-Budget Statement: Irish Fiscal Advisory Council (13 Sep 2016)

Michael McGrath: I wish to ask Professor McHale about the issue of demographic pressures, about which he has written before. There seems to be a significant difference between the analysis of IFAC and that of the Departments of Finance and Public Expenditure and Reform as to the accurate estimates of what demographic pressures mean. Certainly, it seems to me that the pressures and demands are very strong....

Committee on Budgetary Oversight: Pre-Budget Statement: Irish Fiscal Advisory Council (13 Sep 2016)

Michael McGrath: I refer to the overall envelope of fiscal space estimated by the Department between now and 2021 of €11.3 billion net. How much of that does the council estimate is accounted for through the fact that indexation is not built into the system and not accounting for inflation?

Committee on Budgetary Oversight: Pre-Budget Statement: Irish Fiscal Advisory Council (13 Sep 2016)

Michael McGrath: That would reduce the overall fiscal space to approximately €7.2 billion between now and 2021. There is some divergence - but much less - on the demographic side. Will that amount to a few hundred million euro between now and 2021? Mr. Tutty referred to a figure of €100 million for next year.

Committee on Budgetary Oversight: Pre-Budget Statement: Irish Fiscal Advisory Council (13 Sep 2016)

Michael McGrath: That brings the figure down to about €6.5 billion, from €11.3 billion. I have some final questions. There has been some weakness in Exchequer returns. VAT and income tax receipts are now running behind profile - I understand VAT receipts are in the region of €270 million, or €280 million behind profile. Is that a cause for concern or is it too early to say?...